Um.. yeah.
OK, I really don't see the point of this app.
Go into iTunes, click the green zoom button to get into Compact mode. Click on "Total Time" to change to "Elapsed Time", again to see "Remaining Time", and again to see "Total Time" again.
Now change to another application, I can see the desired time info that I just set, and the name, artist, and album of the current playing song (wait for a bit, iTunes cycles through these three pieces of info on the top line).
Now while remaining in that other application (for me right now it's OmniWeb), click on the pause or last/next track buttons. You didn't switch out of this application, did you? But you still were able to perform the function! As a previous poster (albeit rude) noted, this feature has been in iTunes since version 2, and I've been using it. Now try changing the volume via the slider. You STILL didn't change out of the current app into iTunes, did you?
Furthermore, if you just want the controls showing and don't care about the information, just use the resize widget while in this "minimized mode". Pretty compact, eh?
Oh, yeah, and you don't have to wait for the Dock menu to pop up, for those of you that are annoyed by a one second delay (I admit, I DO hate that, and that's why I use this compact mode built-in to iTunes). It's an immediate thing. And if windows are obscuring your compact iTunes window, just Command-click to drag it to somewhere visible (using any brushed-metal part of the window). See, you can control iTunes perfectly without switching to it!
Click the green zoom button to get out of this compact mode and back into normal iTunes operation. Note that pressing the control buttons WILL switch you to iTunes while not in compact mode.. but that's the point.
So... now will someone please tell me the point of X-Tunes when it does what iTunes has done all along?