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Not at all actually.

http://images.pcworld.com/reviews/graphics/products/uploaded...

vs

http://images.apple.com/itunes/whats-new/images/redesigned_p...

There's no sidebar for quick access to things, you have to click album art to select a song, etc. It's a very large UI departure. You can return it to more normal though by viewing by "song" and then selecting View > Show Sidebar.

You can show the sidebar again from the view menu.

It hasn't added any useful metadata features. It doesn't appear to cache the downsampled synced versions of music. The default view is different, but it's trivial to get back to the well understood two/three pane layout. There's more iCloud stuff. The "Up Next" feature is pretty nice.

A lot of visual as well as functional features has been added (see http://www.apple.com/itunes/whats-new/). And the iTunes store has been redesigned as well.

I had some trouble finding where the sort options went, so for anyone else who's struggling to find them:

Go to View => View Options… (or hit Command-J).