Yes, I had gotten it a couple of warnings this summer and then recently (beginning this thread). The previous incidents culminated in an iTunes reinstall at the Genius Bar. Thrown into the mix was a corrupted App Store that was ultimately fixed by a Lion update. iTunes 10.5.1 seems to be working optimally for me.
I realized after my initial post that there were world-wide infrastructure issues that day (Time Warner Cable was hit with a major outage and the FBI shut down a major malware distribution ring), so perhaps what I experienced was a glitch. But this is not very reassuring, and no explaination at all.
I would feel better with a little understanding of the iTunes server and certificate deployment schema, but there doesn’t seem to be a way to even confirm the url iTunes connects to. “It just works” is beautiful when it does, but the opacity is frustrating when it doesn’t.
Are you using Airport or Time Capsule? If so, have you updated the firmware to 7.6?