I haven't seen that here at all and in fact I was just updating my Apps and iTunes opened normally about 10 minutes ago.
I would immediately contact Technical Support regarding this so they can ascertain what is causing it. It's free by phone or online chat and linked under Useful Links at the top of this page.
The action you suggest is the logical one but I really don't want to go through the hassle of McAfee's support.
I doubt that I am Robison Crusoe so I'll wait to see if the problem is reported as more wide-spread.
It was a McAfee problem last time (as you may recall) and it took weeks of agitation by you and others before McAfee would admit that the problem was theirs and finally fixed it.
It was also a prpoblem with other A/V's due to the way Apple do their coding.
It wasn't acftually a McAfee problem ever as the developers told us, it was an Apple problem that they were left to clear up.
We wont get into that again though..
Please contact support regarding it if it continues. I use iTunes extensively and haven't seen it happen in either my Vista or my Win 7 OS's.
I moved this to a new thread.