Im not using Synology but WD DL2100 8TB in RAID 1. I have been researching this for a long time and was hesitant because of the cloudy results people seem to have. I eventually went for it and it's been running well for me without any issues.
How I did it:
First have a solid Backup if anything goes wrong.
So wherever you currently have your iTunes stored.. in the iTunes folder move ONLY the "iTunes Media Folder" to the NAS. After that make sure the NAS in mounted and open iTunes. Then Under Prefrences>Advanced>Change. You want to change the location of the media and point it to the "iTunes Media" folder on the NAS. before clicking OK.. Make sure the two boxes are checked 1. Keep iTunes organized and 2.copy to library when adding to content. After confirming and clicking OK.. it will relink the content to the new location. Once that's complete.. Under Finder go to System Prefences>Users & Groups>Login Items and add the "iTunes Media" folder from the NAS. This will insure that the folds mounts from the NAS every time your computer starts up. If putting your computer to sleep no need to unmount the folder.
Now with this setup, I can add media(music, movies, apps, iBooks etc) and sync my iOS devices from the server. I'm VERY happy with the setup as well as the other usage I get out of the server when traveling.
Now if you use the "iTunes server" that comes with your NAS that will only allow you to play music ONLY. Also you won't have any admin access to the music. Streaming only.. which is cool if you have other people connected in you household.
Hope this helps.