Courtesy of Lifehacker, iTunes 7.7 may not show up via "Check for Updates" yet, but it is available on the interwebs for those of us who aren't sleeping. 

Download here and read up on Lifehacker here.  One thing to note- the "Applications" option for the left-hand sidebar appears to be disabled by default.  To enable, go into Edit, Preferences. 

It also looks like the rumors of the iPhone remote control feature are true - stay tuned for more details.  I suspect Sonos could have a run for their money here if Apple decides to do multi-zone playback.

Update: iTunes non-ceremoniously crashed on me after five minutes of non-use in the background.  No explanation on why but it was syncing my Apple TV and iPhone in the background.

Update2: It looks like the Apple App store is up and running.  Once you've enabled Applications, select it and choose, "Get more Applications" at the bottom of the screen. I've included a screenshot here.  No iPhone software update yet though...