Video producer and designer Allan White wrties:
Hodgins built a wonderful iTunes visualizer called Magnetosphere a while back - which mysteriously disappeared from his site a few months back. I wrote him, and he said that it had been sold to a third party.
There's strong evidence that this third party is in fact Apple, and that it may ship with iTunes 8, which could be shown as soon as next week at an iPod Event.
A friend tipped me off to Kevin Rose, founder of Digg & Pownce, twittering this on Sept. 2nd:
"The new iTunes 8.0 visualizations are really trippy - there is one with planet like objects wrapping around each other w/stars/light streams"
That sounds exactly like Magnetosphere.