Could we do this? Open source replacement for iTunes

I've had it with iTunes for a long time now. I understand the original concept of managing your music (for the iPod) but when the iPhone was introduced it was shoehorned in to create this burgeoning monstrosity.

It says it wants a new download of iTunes, some 50 megs, often asking for QuickTime which doesn't always relate, and it's awkward in general.

I'd be happy to lead (or help lead) an effort - assuming it's legal to do this - to break apart the phone management from the music management.

If so, anyone interested, and what would you like to see as a result? Or, if not, what do you forsee the obstacles as?

- t