This is a simple Widget that stays hidden most of the time. When iTunes starts playing a new song, it pops up on the corner of the screen and announces the track name, artist, album, and shows a thumbnail of the album art.
[Editor's Note] If you're running iTunes when this Widget is launched, iTunes will need to be relaunched before the Widget will be able to poll it for song changes. This shouldn't be much of a problem if you have Konfabulator set up to start when you log in because the Widget will automatically relaunch and detect iTunes properly whenever you open it.
1.0 I don't know any bugs, but it doesn't work with Macs.