Is there a problem with the latest iTunes update?

After getting the most recent iTunes update my iPhone is no longer recognized by iTunes. When its connected to my computer it charges but you can't see it on iTunes and none of the content can be accessed. I've never had this problem before, and it doesn't happen on my other computer with an older version of iTunes. I've gone through the troubleshooting suggestions for this on the Apple site but nothing seems to work. Is there a problem with the new update? And will it be getting fixed soon?