In the medium term, I'd rather rewrite my own offline music player. I don't like YouTube/Spotify streaming of pop music with ads, I like my rare indie MP3s ripped from demo CDs or from repairing a friend's iPod back in 2006. The column browser and playlist folders are essential for me to keep things organised, and smart playlists are far easier to understand than SQL queries.
Would anybody else be interested in rewriting iTunes together? It's one of the few reasons I haven't yet hopped to Linux. (also the trackpad driver, and osascript being built-in to every app).