If you want to see what song is playing and have some basic iTunes controls on the screen, but don't want to have the huge iTunes window compete for screen space, then try using the iTunes MiniPlayer. This special window is part of iTunes and provides information and controls in a small window that you can keep on top of other windows while you use your Mac.
Great tip, Gary (as usual)!
In case others are wondering why 'MiniPlayer' is greyed-out in their 'Window' drop-down, it's only selectable if iTunes is NOT in full-screen mode.