HT203175 The file "i Tunes Library.itl" cannot be read because it was created by a newer version of iTunes.

"The file "i Tunes Library.itl" cannot be read because it was created by a newer version of iTunes" is the prompt displayed on the screen when I try to launch iTunes. What do I do?

It sounds as though the system restore that you've done has reverted your computer back to a previous version of iTunes. In iTunes look at Help/About iTunes and as the scroll runs, you will see the iTunes version number.
The latest version of iTunes (on the day of writing) is 10.5.1.42, so if your iTunes is lower than that, it's possible that's what the problem is. (This assumes that you were previously using 10.5.1.42, which is a reasonable assumption.)
So make sure you have the latest version. I don't know why you did the system restore on your computer, but despite what some people may have you believe, iTunes is very stable and unlikely to be causing any issues on your computer that need to be undone with a system restore.

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