ITunes 11 won't play downloaded rented movie from iTunes Store

Last night I rented a HD movie from the iTunes Store. I downloaded it to iTunes 11 on my 17" MacBook Pro running OS X 10.8.2 and Quicktime 10.2.
First off the movie has a blank icon but when I click on it it does show the details of the movie. However, when I try to play it all I get is this message — "This movie requires QuickTime, which is not supported by this version of iTunes."
As far as I know everything on my computer is up to date so why is this message appearing? For the **** of it I tried the 32 bit trick but iTunes wont start under that!
I then tried playing movie on my Apple TV2 — I can see the movie in the Rentals section but here it is asking for me to Authorise my computer! When I do this on my computer I am told it is already authorised which I knew anyway!
This is most annoying!

I am having an identical issue but it is for a Movie I actually purchased from the iTunes Store (Casino Royale).  I get the exact same error message in iTunes when I try and play it This movie requires QuickTime, which is not supported by this version of iTunes." and the artwork for the movie will not show up, even if I try and manually add artwork to the Movie myself. 
My software is all up to date and I have tried deleting the movie and re-downloading it from iTunes a number of times.  Still nothing.

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