Apple's new iPhone 5 smartphone has been officially announced, to more fanfare than tech pundits expected after deeming the handset less than revolutionary. At the same event, Apple unveiled the new iTunes 11, potentially a more impressive product. Currently, iTunes has over 450 million accounts, all of which are tied to credit cards, making the service the most commercially successful mobile application known to man.

Check out some of the top features of iTunes 11.

Built in iCloud

Making iCloud a major part of iTunes could be a major factor in the success of this service for the foreseeable future. Purchases from iTunes 11 will be available on all other iTunes devices the user owns. Up ro 25,000 songs can be stored in iCloud.

New iTunes Store design

The design is now the same for all devices; Apple is going for a unified look across all of its devices, something Microsoft has been doing with the new Windows 8 tiled user interface.