Clicking the button would open a Smart Playlist editor with the filters set to those of the Search Bar:
It’s handy in the Finder and Mail…
iTunes 5: A Forgotten Button
September 10, 2005 | 1 Comment
Membranophonist's Ramblings
Interaction and interface design, technology, politics, music, and random thoughts…
September 27, 2005 at 10:37 PM
Yep, chalk that up as another one on the inconsistent UI list! I notice you’re being kind, and not bothering to go on to the fact that Mail, Finder, iTunes et al have differing UIs and behaviours in setting up the Smart Folders/Albums/’what-have-yous’. : )
There have been a number of times I’ve gone to hit the save button, in the exact way that you describe… argh!