Not sure what happened... I updated to 10.5 and now when I try to open iTunes the message pops up "This version of iTunes has not been correctly configured".
Something got fouled up...could be a preference file or disk directory corruption, etc....
Usually good practice to run Disk Utility and let it repair any issues prior to installing any OS updates to make sure that all is good before updating...
At this point, I'd run Disk Utility as described above, then delete iTunes and reinstall it fresh and see if that fixes problem....