iTunes 4.8

I'm not really a big follower of iTunes since I haven't really used it other then to transfer music to my shuffle, so I'm not sure if the release of iTunes 4.8 is something new. The new feature that has been added is the ability to play quicktime video files which is interesting if it avoids that annoying "upgrade to Pro" message when using the normal quicktime player. On the other hand, isn't iTunes kinda bloated if it's only being used as a media player?