I also ran into multiple errors when updating to iTunes 11.1.4.62 latest update. Here is how I solved the problem. Take care when doing registry edits and back up your registry before you begin.
1. Follow the uninstall instructions on Apple Support at http://support.apple.com/kb/ht1925 ...(a) followed the order of uninstall, (b) delete all the folders as instructed
2. I could not get Apple Mobile Device Support to uninstall. I even tried some 3rd-party uninstallers to no avail.
3. Started regedit (be cautious about editing your registry...you can make your system unbootable) and did a search for all instances/types (keys, values, data, etc of Apple Mobile Device Support and deleted everything regedit found found.
4. Ran CCleaner (www.piriform.com) and told it to "Fix" all registry errors (selected OK to back up registry).
5. Rebooted and verified that Apple Mobile Devices was no longer listed in the "View Installed Programs" list.
6. Downloaded the latest installer for iTunes and ran it.
7. It installed perfectly. No issues.
It seems the trick it to ensure that the Apple Mobile Device Support is completely removed from your registry and program tree. Best of luck.