I'm having what sounds like the same issue -- I know it's not a hardware problem because I just successfully burned a disc of photos using Finder, but every time I try to burn a playlist in iTunes, it hangs during the "Initializing" stage. The drive spins up frighteningly loudly, to the point where it shakes my computer, and stays that way until I start to worry that it's doing damage and try to cancel the burn (which usually doesn't work and I end up shutting down my computer to get it to spit out the disc).
I've tried all the suggestions in this thread, plus others I've found elsewhere: I've reset my PRAM, repaired disc permissions, restarted more times than I can count, set the burn speed lower (8x and 2x), unchecked "Include CD Text" in the burn options. All my software is up to date. The only changes since I last burned a CD (which was probably months ago) have been an iTunes update and getting my failed hard drive replaced. I initially worried that had somehow damaged the burner, but as mentioned above I burned a CD in Finder, so everything seems to be working ok.
I did discover in System Profiler that if you insert a blank disc, it will tell you the available burn speeds, so here is the information I got from that:
HL-DT-ST DVDRW GSA-S10N:
Firmware Revision: BP10
Interconnect: ATAPI
Burn Support: Yes (Apple Shipping Drive)
Cache: 2048 KB
Reads DVD: Yes
CD-Write: -R, -RW
DVD-Write: -R, -R DL, -RW, +R, +R DL, +RW
Write Strategies: CD-TAO, CD-SAO, CD-Raw, DVD-DAO
Media:
Type: CD-R
Blank: Yes
Erasable: No
Overwritable: Yes
Appendable: Yes
Write Speeds: 10x, 16x, 24x
I just tried setting the speed to 16x in iTunes with this exact disc and encountered the same issue.
Does anyone have any new suggestions? Thanks in advance!