Apple has released iTunes 10 for Windows and Mac, which brings a number of new features to the program including a new icon (finally!), a hybrid column view to prevent repetitive album listings, and a new social network for music called Ping.
The update is available through Software Update in OS X, but can also be downloaded from the iTunes Web site (Apple has updated their site to say iTunes 10 is "coming soon"); however, be sure to take a couple of precautions before installing it.
Let others test it
We do not expect there will be major issues with the program, but being new software with new features there may be some initial bugs that will need to be addressed for a full and seamless experience. If you do not absolutely need the program, then allow others to experiment with it for a few weeks and read about potential problems here, in the Apple discussion forums, or other locations to ensure things are going smoothly.
Before applying the update, be sure to have a full, bootable, and restorable backup of your system that you can use to revert any changes made when installing the program. In the past there have been issues with people losing their libraries, missing items, or having synchronization issues with various mobile devices.
If you use iTunes to sync your various devices, then be sure to fully sync them before updating so all the data is consistent. This should help reduce initial sync problems with the program after updating.
Deauthorize your system
If you use iTunes to connect to the iTunes store, first deauthorize it, update, and then enter your account information again. This will help prevent the possibility of an error with the installation, resulting in the store thinking your computer is already authorized.