A redesigned iTunes will be available in October.
The new system will have different views available for the library, including the one seen above. Once you click on an album, an expanded view will be given, featuring individual songs, the release date and artist of the album, and even how much it would cost to get the songs for the album that are missing.
The MiniPlayer is also getting an update, showing the next few songs being played. In addition, you can do a search for songs to be played without opening up the full library.
Finally, instant recommendations can be seen by clicking on an album, and certain songs can be set to play next using the Up Next feature.
The iTunes Store will also receive a visual update, and also remembers previous items you looked at to go back to easily.