Edd Dumbill has done a quick run-through here, concluding:
What could have been a useful and reusable addition to the world of RSS is really rendered only fit for the single use of adding content into Apple's own iTunes store. Apple prove they know how to be cool, but they've got no idea about making friends on the web.
From the point of view of XML and the web, iTunes RSS extensions are somewhat disappointing. From a professional point of view, I'd say this looks rather embarrassing: Apple clearly don't have enough people who really understand XML.
He links to similar comments from Dave Winer, who observes: "It would have been really smart to review this stuff with the community before releasing their software."