iTunes in the menu bar!
A new utility was just released that adds the possibility of controlling iTunes from the menu bar. It is called iTunesMenu. It might not be entirely stable yet, because it is still in version 0.1. It also adds the possibility of enabling Growl notifications and setting hotkeys for Play/Pause/Next/Previous/Volume/Quit and Launch iTunes. You can learn more about iTunesMenu or download it here from MacUpdate.