Just had this issue: My solution worked for me.
My system: win7 64 bit
After running the update to the latest version I had the missing Dll issue and iTunes did not start.
Note: what led me to the fix was something that happened when updating a win xp install.
The error on that system was a c++ error pointing to the Program Files\Common Files\Apple Directory.
So in both cases:
1 - rebooted
2 - downloaded iTunes
3 - Created a Temp folder on the desktop called "Apple Fix"
Note: in that temp folder I created 2 additional folders "64" and "x86"
4 - opened explorer and browed to:
C:\Program Files\Common Files
And if present..
C:\Program Files (x86)\Common Files
5 - in both locations I right clicked the Apple folder and Cut the folder then pasted it to the appropriate temp folder I created.
6 - I then went to the downloaded iTunes installer and right clicked on it to run as administrator.
The install went fine. iTunes launched after install as expected and everything was as it was before, no loss of data.
Hope that helps