After the update my computer was asking for the same thing and I could not load or install ITUNES.
I pretty much was scared to unistall it due to losing over 6,000 items and years of hard labor lol
After hours of trouble shooting I did the same thing a few others did in this post and it worked.
control pannel + remove whatever apple applications I could find from quicktime to mobile service to software update to application support and even itunes.
I restarted the comp and installed itunes again from the main apple page. Good as new! All systems Go! I went ahead and installed quicktime again from its own website too...
if a new update prompts me again to update a new version of itunes I will surely deny it for a few months until apple fixes the buggs because surely updates are vital to a forever changing program which are crucial for your devices to run smoothly. Just avoid a few updates but not all of them!