As we reported earlier, the iTunes 7.4/7.4.1 update broke a number of officially unsupported third-party extensions. Among these was the recently released iToner ringtone utility from Ambrosia. The new update restores the custom ringtone functionality as well as adding file-dragging from iTunes and improved playlist support. So if you were worried about the long-term prospects of iToner, Ambrosia quick response should ease your mind.
iToner is $15 and a demo is available.