There's surprisingly little to report about the iTunes 7.4 update. Some has appeared but so far the store does not yet support Ringtone purchase or editing (that's still coming soon). I sorted through the iTunes string files to put together this collection of strings related to the new Ringtone functions.
Some readers have reported that iTunes 7.4 installation reset their preferences. You may want to check your Shopping Cart/1-Click purchase options to make sure they haven't been overwritten. Mine were fine.
Notice any other changes to iTunes? Let us know in the comments.