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"iTunes lets you create your own personal digital music library, allowing you to manage and play your collection of high-quality MP3s with drag-and-drop simplicity. iTunes 2 adds iPod synchronizing, built-in 10-band equalizer with 22 EQ presets, MP3 CD-burning, cross-fading between songs, Sound Enhancer and faster CD burning."
An important note for those who have downloaded iTunes 2.0 for Mac OS X:
Apple has identified an installer issue with iTunes 2.0 for Mac OS X that affects a limited number of systems running Mac OS X with multiple volumes (drives or partitions) mounted. For those systems, running the iTunes 2.0 installer can result in loss of user data. While this error is highly unlikely to affect most users, Apple strongly advises that anyone who has downloaded the 2.0 version of iTunes for Mac OS X, as well as anyone who has a beta version of iTunes 2.0 for Mac OS X, immediately remove the iTunes.pkg installer file from their system. A new version that corrects this issue, iTunes 2.0.1 for Mac OS X, is now available from this page. Users who have already installed iTunes 2.0 without incident do not need to reinstall iTunes 2.0.1, but they should still immediately remove the 2.0 installer file from their system. This issue does not affect users of iTunes 2.0 for Mac OS 9.