Advantages/disadvantages of updating itunes version?

In short its always better to update so you stay current get the new features, and bug fixes.

Some people do post here about having problems when updating iTUnes, but long as your system is up to date witht he latest updates from microsoft windows and the PC's maker (Like Dell or HP) then you should be fine.

I think in order to update the iPods software you have to have the latest iTUnes too

Be wary of just accepting an update. I and many others had severe problems updating to V5.0 last year when software with the update ( namely Bonjour) caused problems with my Linksys router. I know it goes against most people on this forum that there is ever a problem with ipod software but at that time Apple wouldn't acknowledge that the upgrade was causing problems. They promptly issued a new update V5.0.1 which eliminated the problem.

All I am saying is when prompted to update itunes to wait until you find out if any problems suddenly spring up via forums like this one.

There's been a number of changes since the version you've got installed was first issued. iTunes is now at version 6.0.4 (3)

Recent changes have addresses iTunes crashing (on some computers) when opened, and the main change to the last version was some bug fix for connecting iTunes to remote speakers and minor bug fixes (Apple never say what these are).

The main downside to not updating is music purchased from iTunes. Apple are constantly updating the digital rights management system that protects purchased music so if your version of iTunes is not current, then it may cause problems with the playback of that music or transferring it to your iPod. And contrary to what's been said earlier, you do not need the current version of iTunes installed in order to update the iPod's software. Neither is updating going to affect the quality of your music as the codecs have not changed.

If none of this matters to you, stick with what you've got.

I don't want to get trapped into some marketing ploy requiring constant updates and possible future subscriptions.

I'm not sure what you mean by this. The use of iTunes to import your own music and then transfer it to your iPod has never required a subscription and never will.

For what it's worth, I've always kept my iTunes current and never experienced an issue after updating.

Yeah you do need atleast version 5.0 to update ipod software. its stated on the apple site when you download the updater and in this artical http://docs.info.apple.com/article.html?artnum=301907

We get this issue alot over in the iTunes for windows forums where people have iTunes version 4.X and try to update the software on iPod with 2006-03-23

its stated on the apple site when you download the updater

For the iPod mini (and that is the forum we are posting in), it clearly states "iTunes 4.7 or later". Note the word "or".

As the OP has iTunes version 4.7.1.3, there is no requirement for him to update iTunes in order to use the current updater on his mini.