iTunes doesn't actually care what the name of the file is, or update it, it just use the same one it opened last time.
The instructions were to copy the dated .itl file into the main iTunes folder and give it the standard name of iTunes Library.itl. While the archive version will often work from within the Previous iTunes Libraries folder iTunes will then start putting other supporting files in ..\iTunes\Previous iTunes Libraries instead of ..\iTunes. Next time you upgrade you'll find you have a new folder at ..\iTunes\Previous iTunes Libraries\Previous iTunes Libraries
The repair instructions are now slightly different.
Copy your active library file into your iTunes folder. If present, rename iTunes Library.itl as iTunes Library (Corrupt).itl and then rename the restored file as iTunes Library.itl. Click the icon to start iTunes and immediately press and continue to hold down the shift key until asked to chose or create a library. Click choose and browse to the library file in the iTunes folder. Should all be good, bar any recent additions to or deletions from your library.
See iTunes Folder Watch for a tool to catch up with any changes since the backup file was created.
When you get it all working make a backup!
tt2