If it's anything like the 4.5 upgrade on my pearl (and all the video evidence I've seen of the storm seems to confirm it), then it will be able to have media separated by artist or album, etc, and the Desktop software will allow you to sync up with iTunes. Not positive about the playlists syncing though...
UPDATE: just checked Desktop v4.7 and yes playlists from iTunes are supported
im pretty sure the new Blackberry Media Sync will let you sync playlists. Although, those songs can't have any DRM on them, or else they won't play on the storm.
