avoid it! avoid it like the plague! do NOT upgrade your mac or pc to iTunes 7. stay with iTunes 6. if you still don’t like itunes 6, at least it works and won’t delete your music files. itunes 7 (7.0, 7.0.1, 7.0.2, etc.) is absolutely wretched. on my mac, it’s as slow as molasses, crashes and/or freezes, and if you hook an ipod or ishuffle up to it, set aside a lot of time if you want to edit your playlist - if it will connect at all. this has been happening since late september with my automatic update to 7.0 - and with all subsequent upgrades and ‘bug fixes’ up to 7.0.2, these problems remain. itunes 7 is just incredibly buggy and it’s a shame apple is using it’s customer base as beta testers. here’s a direct link to an old version of 6.0.5 for mac online (link is 19.8 megs). and here are some tips on uninstalling itunes 7 here and here.
UPDATE: followed the great instructions on the macfixitforums and the rollback to iTunes 6.0.5 worked great!