Outstanding in almost every way. It gives you almost all of the advantages of iTunes (since it runs as a parasite on the iTunes interface), but enables you to avoid some of the limitations inherent to iTunes. What does this give you that iTunes does not?
1. Automatic bit-perfect playback. If your iTunes library contains tracks that have various sampling frequencies (normal CDs and most iTunes store tracks are 44.1 kHz sampled, "higher resolution" can be 48 kHz, 88.2 kHz, 96 kHz or even higher), iTunes will only be able to play one of these bit-perfectly, depending on the settings in Audio MIDI setup. Everything else will get resampled, unless you quit iTunes, change Audio MIDI setup to the new sample frequency manually, and then restart iTunes. You have to repeat the process each time you play a track with a different sampling frequency, or else your music will get re-sampled. This takes care of the problem automatically. If you are using Airplay exclusively, this isn't for you, since everything gets resampled to 44.1 kHz anyway (and if you use Apple TV, gets resampled a second time to 48 kHz). Those who will really benefit from this will generally have a collection including lossless higher-resolution files. If all you have are mp3 or AAC compressed audio, you aren't going to be able to hear any difference.
2. Memory playback. Some people believe pre-loading part or all of the track into the memory buffer improves playback. I'm not so convinced, but it doesn't hurt.
3. Playback of DSD audio files on a DSD-capable DAC.
4. Better upsampling and digital volume control (although you will always be messing with the bits doing that).
The author wrote this software because he was annoyed that some other companies were charing hundreds and in some cases thousands of dollars for this same functionality.