To get iTunes out of the way, when I'm playing tracks, I like to minimize it. However that means having to hover the mouse over the dock icon to know what song is playing.
With Playwatch you can follow what tracks are playing in iTunes straight from the menu bar. The applications is highly customizable and you can choose what font and colors are used. You can even set ticker speed, delay and HUD delay.
The most interesting bit, although a little complicated to set up, has to do with the iTunes info. You can customize the order in which information appears in the Playwatch HUD. For example for radio tunes you want to see first the url and for albums the name of the song. Information lines for each music type can be rearranged and linked together.
A neat little feature is that Playwatch also showcases album art. One thing we found a little strange is that Preferences open up as a separate application.
Playwatch is a useful little menu bar item to have so you can always know what song is playing in your iTunes.