I haven't tested it out, since I never use Itunes. But I assume it the Cover Flow scrolling feature in Itunes? I do a similar in MultiFE just doing horizontal instead of vertical. But MultiFE is also a OpenGL application and not GDI.
The major problem was the coverarts loading, which can been a bit slow. I fixed that so it only load coverats when you stopped scrolling, so it diddent feels sloppy.
Sk-Jukebox have a pageflipping "animation", its a bit fake, but its works very well.
I also think Itunes was designed with mouse and keyboard and not touchscreen in mind?