Apple has released iTunes 7.3. It’s available through Software Update or as a direct download from Apple.
The first time you start iTunes after the upgrade you’ll need to agree with the license and then wait while iTunes updates your library. The update took about 20 seconds for my 7500 or so items but your times may vary.
The primary reason for the upgrade is iPhone support. This is the version that is needed to activate and sync with the iPhone.
Another documented update is “Wirelessly share digital photos from any computer in your home with Apple TV” although I haven’t looked into it myself.