Yes
In fact with today's multi-computer household developers will have to be keen to offering "Family License" versions of popular applications and bonus points to those who effectively allow their apps to share redundant data.
I'm not necesarily looking for iTunes to handle everything. I still want a Quicktime player that is improved. However there are some rough edges that need to be smoothed away in iTunes. I'm seeing people cobble together shared libraries on external storage but I'd love to see a drop dead easy way blessed by Apple. That also means I could back up one volume and protect my media.
I think that the ability to transcode Apple Lossless to AAC is a biggie as well. I realize that I probably cannot tell the difference between 320k AAC and Lossless but hell the datarate is close enough I may as well choose lossless. For iPods and iPhone though 160Kbps is fine with me. Slap some SSE optimizations in Quicktime to allow 3x transcoding of ALAC to AAC and I'm a happy camper.
Now Leopard gives us some tools that may make features like this more feasible. Time Machine I believe piggybacks on a new API that tracks file system changes better. Spotlight too I'd presume. I've read a blurb about metadata that doesn't get torched when some files change. Core Data is faster...how feasible would it be to add a local store in CD with your cache of Metadata?
Bonjour now supports Wide Area Networking and DNS discovery. Nice...once uploads get faster and people decide to start pushing more content to at least friends and family that opens up new avenues of sharing.
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