I am experiencing the same problem. It doesn't crash every time I play a video, but it is frequent and annoying. Mostly happens when I'm playing back video after editing tag information.
I'm using an early-2009 Mac Mini (Intel Core Duo 2GHz) with 1GB RAM
Running Snow Leopard 10.6.7
with iTunes 10.1.2 (17)
no add ons
crashes randomly on .m4v videos created in HandBrake with the High Profile setting (h.264 codec)
no error message, only the option to ignore, report or reopen iTunes
library is on internal drive, media is on an external USB drive
permissions are repaired
system has been rebooted
I have a lot of videos, but this problem just started happening recently as I've been adding more. At first I thought maybe the library file (created by PowerTunes 1.1.4) was corrupted, so I set up a new library and reimported everything, but I'm still having the same problem.
Any thoughts would be appreciated. Or any suggestions for a better media manager than iTunes; I have a lot of of music and video files and iTunes isn't very adept and handling large collections.
I'm not a Mac newbie, but I'm not one who delves into the Command Line world, either ... so maybe advanced intermediate would be my level of Mac experience.
Thanks!