I did the install on both Mac and Windows, and found it shoddy. I had QT 7.0.1 installed on Windows, and I killed the QT installer before it started. iTunes wouldn't start, citing that it needed QT7 to run.
But I have 7.0.1. It's not asking for 7.0.2, just 7. But then, this whole wierd obsession they have with tying an iTunes release with a corresponding QT release is creepy.