Apple Releases iTunes 7.0.1 [Updated] - MacRumors
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Apple Releases iTunes 7.0.1 [Updated]

Apple released the iTunes 7.0.1 update today through the Mac OS X Software Update. The new version is also available at Apple's site.

With iTunes 7 and the new iTunes Store, preview and purchase high-quality hit movies plus new and classic games designed exclusively for the Fifth Generation iPod. Flip through your collection by album cover with Cover Flow, protect your iTunes library by backing up to CDs or DVDs, and much more.

iTunes 7.0.1 addresses stability and performance issues with Cover Flow, CD importing, iPod syncing, and more.

Some users have had problems with the 7.0 update. This update presumably addresses these issues.
Update: One user again noticed text strings (previously reported) have found their way into iTunes 7.0.... including ones that indicate that future iTunes-compatible phones may support TV shows and Movies:

"4301.123" = "Are you sure you want to sync TV shows? All existing TV shows on the mobile phone ^1 will be replaced with TV shows from your iTunes library.";

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