With all the iTunes/iPod hysteria, I wondered why they would let 19 months go by without a major update. Now I know why. Many of the features that have been listed would take a lot of work to implement. Imagine obtaining and loading over a million sets of lyrics and CD case materials. Many of the other improvements are software tweaks that they could certainly do quickly of they wanted to. I do agree with HOM that simple features like shuffle could use some attention. Regarding how easy it is to keep multiple computers up to date (laptops do travel!), this is the best method I have found which is way to difficult for most people to want to deal with.
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