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Feb 18, 2012 9:26 AM in response to wteelby Jim VanLeeuwen,From http://support.apple.com/kb/HT1660
"New versions of iTunes sometimes include enhancements to the iTunes library. When you open the new version of iTunes, iTunes upgrades your existing library to the new format and places a copy of the old library in the Previous Libraries folder. If everything goes fine during your upgrade to the latest version of iTunes, you can delete the older iTunes Library files."