works fine on my win7 pro both 32 and 64 bit... though I sometimes get the silly 'cant update your library' thing sometimes when i open itunes. Doesnt seem to affect anything though.
Windows NTFS is fucked. You can be the owner of a file, logged in as admin and whatever other privileges and it still wont let you do something. It's a bug.
However one that can be overcome: http://www.hobeanu.com/blog/accessgain-tool/