For the first time ever, since I started using Macs (back in 1985) I face an installation problem with an Apple package.
Last night, iTunes 10.1.1 showed up in Software Update and I told it to install it. When the installation process finished, the installer tried launching iTunes and it failed with a missing dynamic library problem.
I tried launching it manually and it failed again.
The solution was simple, go to Apple’s iTunes page, download the full installer and install it manually.
There is always a first time.