CoverFlow

"CoverFlow
We are pleased to announce that all CoverFlow technology and intellectual property was recently sold to Apple. It has been incorporated into the latest version of iTunes. Please visit www.apple.com/itunes
"

Look as the technology to do the cool album cover flip is not of Apple's. A small software outfit called Steel Skies is responsible for the technology and has sold it to Apple. I tried digging up more info about the company but was unable to find more info.
Now only if we can get some lyric importing technology built into iTunes, as that would be really sweet! I think it is a tad harder to get lyrics to import, due to various song titles being the same for artist as well as copyright infringement. (Damn copyright the death of our society) Plus there is no main database of lyrics to source from. I am surprised that Apple has not themselves included lyrics with iTunes Store purchases. (Side note the iTunes Music Store is now referred to as iTunes Store)
It also surprised me that Apple decided to update everyone's none iTunes music with album artwork. Why would they allow this to happen? Yes, it makes the CoverFlow technology in iTunes 7.0 worthwhile, but there are so many more important aspect of iTunes that are very frustrating, such as not being able to update your library with new Mp3s unless they are purchased or ripped from CD, and the ability to pull music off your iPod straight in iTunes is not supported in iTunes. I find it odd the Mr. Jobs decided to single out album artwork problem and make it a prominent feature. Maybe he has an ulterior motive? Maybe he is hoping we fill our iPods up with album artwork and find that we can't store as many songs, and then we will all run out and purchase higher capacity iPods. By the way the new iPod Nanos are ugly! The whole point of the Nano was sleek cool looking design. It looks more of a toy now, then some sleek bleeding edge technological device. Oh well, I'm off to organize more of my iTunes Library, a daunting task in itself.
Source of CoverFlow origins and renaming of iTunes Store found at; AppleInsider here.