Thanks guys... I thought it might do "nothing for me" since I already have iTunes keep everything in the iTunes folder for me, but I just wanted to make sure.
As a follow up, if I'm about to format my Macintosh HD and want to backup my music, can I just copy/paste my iTuens folder to my external hard drive, format my computer, update all of the software via software update, open up iTunes and agree to the license agreement (so it creates the iTunes folder for me), quit iTunes, and then copy/paste the iTunes folder from my external hard drive back to my Macintosh HD and everything will be okay?
Thanks,
Keith