Downloaded, installed... UI Tweaked - colors on the device page(s) showing usage changed, fonts tweaked is all I'v noticed thus far...
Update doesn't show up on Windows machine!!
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As far as I know, iTunes12 is Mac/OSX Yosemite beta only... You may have been offered a new variant of iTunes11...Update showed for me on my Windows machine. Updating now... It first showed up last night but did not have time to do it,
You should be fine...I am showing the update is available for iTunes 12 on my public beta release of Yosemite. If I update, will that affect backing up my iOS 7 devices?