Apple Inc. has released the latest version of iTunes at 220.127.116.11 You can download it from Apple directly.
Update: After testing it out for a while, it seems the playlist updating issue is fixed but the display starting up black is still present.
The greatest thing gained from this version of iTunes is the greater stability with computers running Windows Vista. I’ve encountered problems where the interface does not refresh properly. For example, if you were playing through a playlist, minimized the window and let it play through a few songs when restoring the iTunes window, the playlist would reflect the songs at the point you started the playlist and the speaker icon indicating which song was playing would be completely inaccurate. In order to deal with this you could click on a song and cycle through the list until it refreshed and accurately told you which songs were playing, for now. You’d have to repeat the process the next song. Another problem I noticed is that on startup of iTunes the screen could be completely black and you’d have to click around the different frames to get the screen to display properly. You could click a song to get the playlist to show up, click one of the buttons on the left hand side to get that column to appear and go on like that until you could see what you needed. Both problems involving the display have apparently been fixed in this version as I am yet to encounter them.
Another problem I encountered with the last version of iTunes involved memory leak issues. As iTunes went through a playlist I noticed the memory used rose incredibly. It began spiraling out of control until I updated the displayed playlist (method above) and it crashed. I haven’t been noticed any problems like that yet, but it was a difficult error to reproduce originally.
My tip: De-authorize your computer before you install this newest version. Upon trying to play songs on my computer with the latest version of iTunes I was prompted to authorize my computer to play, again.