I think I may have solved the prob.
I had always set iTunes Media Folder Location to a directory in Time Capsule to save precious HDD space in my older Mac.
I created a new directory in Time Capsule to do the same for my new Retina Mac.
Now we know Apple is not happy when we don't use the host drive inside the Mac for iTunes.
So I guess this is why people like us who use Time Capsule or any external drive to keep our movies/songs/TV show & etc will encounter some problem like this.
For me it's not a choice.
I only have a very limited 256GB storage space on my old & new Mac.
All my iTunes purchased movies, TV & songs alone are more than 256GB in size.
I have to use an external drive because I can't afford 512GB flash drive option on my new retina Mac as I'm just a student & I don't want my parent to disown me.
I may have an answer to this prob.
I realized movies & TV not transfered from my iPad will have "this movie requires quicktime not supported itunes" message in latest the iTunes 10.6.3 when I try to play them on my new Retina Mac.
BUT movies that was transfered from my iPad will play on my new retina Mac without any error.
So I figured it out.
1stly, I deleted all the movies in iTunes on my new Mac that encountered "this movie requires quicktime not supported itunes" error when I try to play them.
When prompted, I just "Delete" the movies permanently.
I figured we don't need to "Keep" these corrupted files.
It just take up space in my also precious external drive (Time Capsule) for nothing.
Then, I use my iTunes on my iPad to download all the movies & TV that I bought previously that has "this movie requires quicktime not supported itunes" problem.
I make sure I am NOT requested to "Buy" or "Rent" when I try to download the movie/TV.
It should be "Download".
If the "Download" selection is not avail, I probably had selected the wrong movie/TV in iTunes on my iPad.
(Do take note some movie may have the same titles but some are Extended version or Director's cut that you didn't purchase previously)
After all the downloads on my iPad are completed, I hook my iPad to my new Mac & transfered all the downloaded movie/TV into the iTunes on my new Mac.
Right click to "Transfer Purchase from XXXX's iPad" will do it.
All my newly downloaded movies/TV appeared on my Mac's iTunes.
And I can play them without any more, "this movie requires quicktime not supported itunes" error.
I can even transfer them to my iPhone using Sync on my new Mac's iTunes just to make sure nothing else is wrong.
Note: Make sure WiFi is fast & no one turns it off when iPad is downloading.
WARNING: If your iPad is on cellular network, do remember to turn it off if your are on limited data plan wirh huge data charge for exceeding the limit.
Also, if you're overseas, and even if you're on UNLIMITED data plan at home, do remember to turn off "data roaming" or you will end up with shocker cellular bill & may need to look for ya parents