Not quite...iTunes is still at 7.4.2...
iTunes may stay at 742. Or not. But there's not necessarily any reason it will get an update prior to or at the same time the iPhone is updated. For example, handling iPhoto Events sync'ing with iPhone -- if it is indeed a feature in the iPhone update; I haven't heard it is, but is on the iPods, I think -- may already be in iTunes 742, or it may only have to do with iTunes acting as a conduit and the lack of Event syncing is something that has to be coordinated between iPhone software and iPhoto 08, without iTunes mattering in this case.