iTunes crashing like crazy after update

The latest iTunes update which my iMac downloaded last night through Software Update results in iTunes instantly crashing each time I go to open it!

Hugely frustrating, I reverted back to a previous version (downloaded from a jailbreaking website) and the issue STILL remains, some file left from the new, corrupted iTunes is on here still?

Theres mention of it on the Apple Support forums

Any other Verge readers struck down by this issue?