I've also just had the error appear again (iTunes and iPhone both updated) - so it is not resolved by the latest updates.
iTunes does seem to be much more responsive overall than it was in the previous version, so worth updating anyway.
Regarding Apple's "silence" on this (and other) forum topics...
For those (like me) who are disappointed that Apple have not yet replied to this or other threads which discuss these types of problems, I have been reliably informed that although Apple staff do sometimes refer to these forums when relevant to a case they are working on, they don't actively monitor them (or comment on them it would seem).
Personally I can understand why others are annoyed at Apple for their silence on what is such an irritating issue often multiple times a day, or even hour. I feel that the title of this forum ("Apple Support Communities") is perhaps a little misleading and if it was clearer to all that this is not the official route to engage Apple support, it would be helpful and perhaps prevent some forum members (including me) getting irritated.
I also think it wouldn't hurt Apple to provide some sort of bug tracking system that customers could search to see if a particular issue is known about, what its status is, and even what the suggested solutions are.
Who knows, things might improve in this regard in the future. In the meantime - let's be nice to each other, and to Apple staff. They're people too, after all - and to date those I've dealt with have been incredibly helpful and committed to helping me resolve issues.
I'll update as soon as I hear any more...