One doesn't normally have enough screen space to leave iTunes visible though, so I figured what I wanted was a heads up style panel, floating above all other applications, showing the current and upcoming songs.
Thats what "heads up 'tunes" does: display the current and next two iTunes™ tracks in a "heads up" style window. It works fine with genius and party shuffle as well as manual and smart playlists. Results will be disappointing when using regular shuffle mode since it is not possible to determine what track will come next.
When window is too small to display album text, hovering over the album art will display a pop-up. (There you go Matt-don't say I never do anything for you ;) Closing window no longer quits application & added new Window menu to re-open window. Added option to run on startup (with window hidden). Added option to hide window when iTunes stops/pauses, and show when iTunes resumes playing.