Itunes 10.5.2 Issues! Been "Updating iTunes Library" for over 8 hrs now. Not even halfway finished on about 275 GB

Itunes 10.5.2 Issues! Been "Updating iTunes Library" for over 8 hrs now. Not even halfway finished on about 275 GB
Anyone else having issues with this update?!?!?!
Can't access anything in my library while it's doing this.

I moved into a clean install last night and when I fired up iTunes 10.5.1. I held down "option" key, selected my original library and everything was perfect. That was until I quit. It started to "update" the library. I was slightly concerned, but since I had just moved into a new install I let it go and hoped for the best. For 85GB it took quite a while, close to an hour. This made me a little more concerned, but in the light of Apple, I resigned myself to the fact that "stuff" happens. And again hoped for the best. So I would imagine for 275GB would be a lot more. THEN after that was done it asked if I wanted it do something to match my settings? ***? My settings were the same as they were in the previous install. Or did something not go right with 10.5.1 in the other install and this was overlooked? I OK'd it and hoped for the best again.
But now I am getting an error as I startup iTunes:
"A required iTunes component is not installed. Please reinstall iTunes. (-42404)"
iTunes comes up just fine behind this error and after dismissing it all is just fine. Or so I think or am led to believe. I'm thinking it's a "phone home" component, so I'm not real concerned. That's why I came here today to look up this error and stumbled on this post that somewhat happened to me last night.
Looks like the process takes a while. And what it's updating I'm not sure, but I run nightly updates and all the "important" iTunes files in many iterations are safely backed up for reversion. Apple, never a dull moment . . .

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