Apple introduced another update to iTunes which brings the version numbering to 7.4.2. According to the update it states that it addresses some issues with performance and ring tone making using songs purchased from the iTunes store.

With iTunes 7.4, sync your favorite music and more with the new iPod nano (third generation), iPod classic, and iPod touch, plus create custom ringtones exclusively for iPhone with many of your favorite songs purchased from the iTunes Store. You can now also play purchased videos with closed captioning (when available), easily rate your favorite albums from one to five stars, and watch videos at a larger size inside the iTunes window. iTunes 7.4.2 addresses an issue with creating ringtones using iTunes Plus song purchases and includes bug fixes to improve stability and performance.

Two performance updates for the ipod nano and the ipod classic have also been introduced.  What comes to mind though is this update comes right after a software unlock solution for the iPhone was introduced.  We have to wait and see what people are saying.  The update already broke some ringtone making software.

Source: MacRumors.com