Yesterday I downloaded iTunes 7 to both my Mac and PC to see what was happening: and came across a bit of trouble.
On the Mac everything seemed to go alright - until I tried the process of downloading album art for Coverflow, which seemed to hit a brick wall every so often (after three or four attempts I've now got about 60% of some 600 albums accompanied by artwork). On the PC things fared a little worse, things froze up when I tried to log in to the store and I gave up.
But apparently I'm not the only one; several colleagues have reported similar issues and one emailed me to say that she was forced to step back to repair install in order to bring back an earlier version when v7 borked her high-end PC.
Over on the Apple forum people are making their voices heard - let us know if you've had similar issues and I'll ask Apple exactly what's going on.