Just switched from iTunes to MB, srsly impressed! I should've known there'd be a better alternative out there, wish I'd looked sooner heh.
Anyway, just wanted to chime in on this thread. The Shuffle keyboard shortcut *does* cycle through all 3 of its possible states, so it was a little weird to find that the Repeat keycut skips one (just alternates Repeat Off and Repeat All). After a whole first night of fiddling and customizing, this is literally the only complaint I have - it would honestly save me a lot of clicking in the future if Repeat One via keyboard were fixed/added (and it's like, a 30 second programming change). But I'm really, really happy with MB so I don't want to sound like I'm complaining, I'm really not, this thing is awesome.