Hot on the heels of Apple’s “The Beat Goes On” event (which prompted the release of iTunes 7.4), Apple has released iTunes 7.4.1. Apple has not said what has changed with version 7.4.1, but it appears that some issue was located in iTunes 7.4 that has prompted the update.
Download links for 7.4.1 have been posted on the iTunes Download page, however you can also update to 7.4.1 by using Apple Software Update.
iTunes 7.4.1 is available for both Mac OS X and Windows. Apple encourages all users to update.
Update: This release does block a hack which allowed users to create free ringtones. With version 7.4.0, a user could rename any AAC file to .M4R and create free ringtones. This update does appear to disable that ability.