iTunes 10 "Not Responding"

I just upgraded from iTunes 9 (which worked great) to iTunes 10 on my 64bit Windows 7 laptop. Every time I launch iTunes 10 it runs for a couple of seconds and then goes "not responding". I have to kill it in the Task Manager. I've tried uninstalling and reinstalling 3 times, I even tried to reinstall iTunes 9, but ran into the "newer library" issue. I have also tried a clean boot with only required services running and still have the same issue.
To make matters worse, my upgrade motivation was the purchase of the new Nano after my previous one was stolen. Now I have dead software and a useless Nano that I can’t load.
I’m hoping someone has some ideas. From what I’ve seen on the Internet, I’m not the only one with this issue.