I have only gotten mine to work with iTunes 10.7 while using Requiem 4.1 from the site below.
For me, I needed some sort of cleanly installed OS X or Windows that hasn't had iTunes 11 or 12 installed previously. (you can downgrade allegedly, but I have not successfully done so.)
After beating my head against the wall for a bit, I just used a clean Virtual Machine I have without previous iTunes. In my case I tried it with Windows 10 since my OS X Snow Leopard already had iTunes 11 and I failed at trying to downgrade to 10.7.
http://digiex.net/downloads/downloa...ve-itunes-drm-fairplay-music-video-books.html
I have a Parallels Desktop Virtual Machine of Windows 10 with Java installed, iTunes 10.7 64-bit (freshly installed), & and Requiem 4.1. It just worked the first time.
Downloaded a video I licensed from iTunes to the iTunes movie folder.
Closed iTunes.
Started Requiem 4.1
It found the movie automatically by scanning my iTunes folder and started ripping out the DRM. (took a bit of time...about 15min on my iMac i7) There is not indication of how long it will take... just says "Working"
After the DRM removal was done. A popup indicated that the original DRM was tossed in the trash and the new DRM-free version was sitting in its place. I dragged the movie to my movies folder on my OS X install. Fired up VLC and the movie played strait away and looked the same as it did before DRM removal.
PERFECT copy of the already Apple-compressed iTunes movie. The size was exactly the same.
The same cannot be said for other "Lossless" DRM removal software.
Here is an article that shows that Noteburner, another popular paid software is not exactly lossless as it claims to be.
"
http://www.tekrevue.com/itunes-drm-removal/"
I suspect that all newer pieces of software currently available still use this playing/re-encoding method which actually isn't entirely lossless.
The only one that just stripped out the DRM was Requiem, but it is old and one has to jump through lots of hoops to create a setup which will work for now. How long will it work???
Don't know, but it does as of Dec. 19, 2015.
I suspect it may work for a bit longer since only 1 in 100k people will ever care enough to go to the giant effort to make it all work.
Everyone else will be quite content with the plug and chug Noteburner or other such software.