The file "iTunes Library.itl" cannot be read because it was created by a newer version of iTunes.  What??? I updated last week I guess and now I cannot open my iTunes.  Please help.

On 7/27 downloaded 10.4
before that 7/6 downloaded 10.3.1
Just basic updates that come through
Running on MacBook Pro OS X version 10.6.8

Had same problem and solved it without having to reinstore any music or movies:
1. Delete old Library file
2. Go to the 'Previous iTunes Libraries' folder and copy one of the earlier files - note, they have a date extension, e.g. 'iTunes Library 2011-11-01'.
3. Paste this file in your iTuners folder and rename file by removing the date extension -  'iTunes Library'
You should have all your music and paylists in tact, unless it was a really old previous file.

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