TUAW reports that iTunes 10.1.1 is available via Software Update.
This looks like a minor bug fix update with no new features. Here are the fixes:iTunes 10.1.1 is available in Software Update
Addresses an issue where some music videos might not play on Macs with NVIDIA GeForce 9400 or 9600 graphics
Fixes an issue where iTunes may unexpectedly quit when deleting a playlist that has the iTunes Sidebar showing
Fixes an issue where iTunes may unexpectedly quit when connecting an iPod to a PowerPC equipped Mac
Addresses an issue where some music videos might not sync to an iPod, iPhone, or iPad