Media Folder!
Do I need an iTunes media folder? What is it really for? I feel like it just takes up memory!
An iTunes library consists principally of a database that records which files have been added to the library and the media files themselves. If you throw away the media there is nothing to play. Depending on your current settings and the way you add things to the library you may be duplicating files unnecessarily, but that is a slightly different issue. Unless you understand how iTunes works and have firm convictions for doing otherwise I would suggest you place any new media that you want to add to iTunes inside the Media folder before adding to the library, and then leave iTunes to keep it organized.
tt2