Don't forget to check in at the App Store; there will definitely be an available iTunes update...possibly updates to other Apple apps as well.
Is there some reason to updating iTunes? I'm using iTunes 10.7 and am perfectly satisfied with that. I rarely download anything from online, only CD content if the spirit moves me.
Even in Lion I haven't updated any apps that came with the OS/iMac (mid-2011) since I don't use any of them, even the games.
