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I have no problem with them ditching the CD from the icon but the new iTunes icon doesn't really match the OSX icon style, which is a shame. The new icon works under windows but on OSX it just looks like a cheap 3rd-party app.
 
Old one. Which is why I have changed it back to it ;) CDs are definitely still relevant, as it's difficult to find digital downloads of the same quality. And often they're cheaper than the equivalent iTunes download!
 
Hated the new one so much I found an icon someone else designed that is a better version of the new one and use that as my icon instead.
 
i really like the new one. it still takes an extra second or two for me to find it when i visually scan the dock. old habits die hard i guess.
 
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