After upgrading to Lion, I have not been able to update iTunes to version 10.4 either by Software Update or by re-installing it from Apple.com. Once I get to the "Cleaning Up..." stage in the installation (at the very end) I get this extremely detailed message:
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I had no problems in Snow Leopard, and I noticed that on the current version of iTunes that when I try to delete a song the entire program crashes.

I had no problems in Snow Leopard, and I noticed that on the current version of iTunes that when I try to delete a song the entire program crashes.