As you are not one of those that do not back up your iTunes library, you will be fine, with the exception of some inconvenience should something go wrong.
That said, the newer version of the iDevices require newer versions of iTunes so you could find yourself in a catch22 situation.
If you are happy with iTunes as it now stands, and you are not updating your iTouch, then leave it as it is.
On a Dell 16000 with iTunes (currently 10.6.0.40) & use that to sync with my 3rd gen. iTouch.
I've been wanting to update the iTouch (& I suppose iTunes itself as well), but I keep hearing horror stories of music getting totally wiped out.
I *do* have all my music backed up on an external hd.
My question is how do I go about this properly?
My gut feeling is that "If it ain't broke, don't fix it". Are these updates worth doing?