Apple announced more than just iPhone 5 today, they also revealed the new iTunes. Apple will soon release a completely redesigned media player, a revamped iTines store, and improved iCloud features.
Some of the improvements made to iTunes are minimal, like the ability to sort your music in more intuitive ways. Other changes you'll notice immediately, like the iTunes store. The entire store has been redesigned for Mac, PC, iPad, iPhone, and iPod touch, so no matter which device you're on, you'll have the same experience.
The iTunes store will also be adding a preview history option. iCloud will store your preview history across devices, making it easier than ever to find what you've already previewed. Other new features to iCloud will allow you to save, and via the iCloud, pick up where you left off on another device.
iTunes 10.7 will be released soon!