Using LAN: Yes
Connection attempt to firmware update server was unsuccessful.
The network connection timed out.
I think this might be a LAN settings thing, Tony.
Even though it's for a different error message/issue, try the following document:
[iTunes for Windows: iTunes cannot contact the iPhone, iPad, iPod or Apple TV (2nd generation) software update server|http://support.apple.com/kb/TS1814]
(If the box is already checked, try unchecking and rechecking it and clicking OK.)
If still no luck with the iTunes Store connection, even though you're not getting a (50), I'd try the following document:
[iTunes 9: "One Moment Please" or "Error (-50)" message when accessing iTunes Store|http://support.apple.com/kb/TS3288]