QUOTE (vitos @ Jun 9 2009, 18:53)

DSPs... VLevel comes to my mind first, for pleasant night or background listening. And iTunes equalizer is not precise enough for making a fine-tuned presets for my headphones or even to attenuate 'boomy' frequencies from my cheap 2+1 speakers.
I understand. If your main music machine is a Mac and you desperately want this, you can plug AudioUnits (or VST through a AudioUnit wrapper) into your signal path. There is a guide on macosxhints.com how to do this with Soundflower. It's not a easy to setup as most things you would be used to in OS X, but it works and can deliver excellent quality.
QUOTE (vitos @ Jun 9 2009, 18:53)

When it comes to gapless - does it work with Nero encoded AACs and Lame MP3s...?
Sure.
QUOTE (vitos @ Jun 9 2009, 18:53)

Other iTunes shortcomings - problematic OGG and FLAC support (when it comes to tags), no MPC and WAVPACK support (my favourite lossless codec, and converting to ALAC makes me no happy), no cuesheet support. Foobar's converter is a tool I use regularly (ie. for lossless to lossy conversions for portable player), as its' mass-tagging capabilities. And does iTunes have 'queue' option..?
Lacking support for a variety of formats is a point. I have everything ALAC and AAC (two separate libraries on the same machine) for mobile so I'm not missing anything. If you want to keep a heterogenous collection, iTunes is not appropriate, though. At times of 0.06 € a gigabyte I'm not that much into lossless comparisons anymore and stick with the most compatible for my ecosystem. If I ever want to move to another, XLD can convert my whole collection losslessly to another format in half a day.
iTunes has an excellent mass tagger and it's really nicely extendable through AppleScript. I have build up quite a collection of scripts over the years. Dougscripts.com is also a good ressource.