The album view displays a color scheme based on the album artwork. The results vary from good to great, I haven't encountered any poor examples of it's application.

You can see an example here: http://daringfireball.net/misc/2012/12/itunes-11-expanded-vi...

The text, background and highlight colors are based on on the album artwork.

I see plenty of poor ones, but you could attribute at least half of those cases to all the 70s and 80s prog/psych/metal I've got now.

Here is a screenshot utilizing the colors of the album art: http://d.pr/i/st40 (Please don't judge my taste of music ;) As you can see it also removes the border from the album art to blend it with the color.

That's not quite what the poster is asking for.

The poster said:

As someone without iTunes, what does iTunes do now?

Context is very important in understanding human speech.

It's also a store front for buying mp3s.