Apple's new iPhone 5 smartphone has been officially announced, to more fanfare than tech pundits expected after deeming the handset less than revolutionary. At the same event, Apple unveiled the new iTunes 11, potentially a more impressive product. Currently, iTunes has over 450 million accounts, all of which are tied to credit cards, making the service the most commercially successful mobile application known to man.

Check out some of the top features of iTunes 11.

Built in iCloud

Making iCloud a major part of iTunes could be a major factor in the success of this service for the foreseeable future. Purchases from iTunes 11 will be available on all other iTunes devices the user owns. Up ro 25,000 songs can be stored in iCloud.

Simplified User Interface

Apple is well known for making things simple, but the user interfaces of previous iTunes versions were not counted among the company's best work. With iTunes 11, Apple offers a UI that is easier to navigate and simpler to use.

Expanded View

Clicking on the names of any song or album will display its full information on the screen and give users the option to buy the full album or specified tracks. Although Expanded View is new to iTunes, similar features have been available in other media players for a long time.

The New MiniPlayer

Many users were disappointed with the MiniPlayer in previous iTunes versions, especially compared to its equivalent in other media players. In response to that feedback, Apple has made some changes in iTunes 11. Without the need to maximize, users can click to see which track is up next and search for content right from the new MiniPlayer.

New iTunes Store design

The design is now the same for all devices; Apple is going for a unified look across all of its devices, something Microsoft has been doing with the new Windows 8 tiled user interface.