The email provides a link, asking recipients to download a "new" version of iTunes. You see where this is going, of course. Those who follow through actually download a counterfeit version of iTunes which contains malicious code that opens up a backdoor allowing unauthorized access to a PC.
According to security software firm BitDefender, the code, called Backdoor.Bifrose.AADY, attempts to read the keys and serial numbers of the various software installed on the affected computer. It also logs the victim's ICQ, Messenger and POP3 mail account password plus protected storage login.
Of course, BitDefender would be glad to sell you some anti-malware software to clean the mess up, but it's better still to know about this in advance and not download what looks like Apple software from anyone other than Apple.
Mac owners can rest easy. This malware only hits on PCs.