I have the freezing iTunes problem with the new update of iTunes and Snow Leopard too.
I just updated my MacBook Air to iTunes 10.2.1, and Snow Leopard to to 10.6.7.
I have a 13" MacBook Air with a 2.14 GHz Intel Core 2 Duo with 4 GB of Ram.
So far I have tried Rebuilding the desktop. I have uninstalled, and installed iTunes based on these instructions:
http://support.apple.com/kb/HT1224
I have installed the 10.6.7 Combo updater.
Nothing has helped. When I run iTunes it crashes within twenty seconds.
I hope we find a cure soon!
Message was edited by: ChrisWRX