Suggestion to Shavlik to pull the patch until a fix is released by Apple.
Thank you for posting your findings regarding this patch. Currently I am unable to replicate the issue as you are outlining. After applying the update to a Windows 7 x64 box, the program still successfully opens and runs. If you would like to post the test machines OS info I can try it against a similar machine and check the outcome, but at current it appears it may have been isolated to your environment.
Please note this is only affecting Windows XP Professional 32 bit. Windows 7 32 & 64 works fine.
Not sure about it being an Isolated to my enivornment. There are 18400 posts on Google about this issue.
Also reported on the Patchmanagement.org (13 emails) that is hosted by Shavlik on the 28th of January.
"Missing msvcr80.dll not found after the install of iTunes latest update.
There were reports that one should unplug all Apple Devices before doing the update. Otherwise the update fails to replace all files, because some parts of the software are still active.
Also I noticed that the installer is 30 Megabyte larger, because it now contains the installer for iCloud. However this iCloud is a version that works only in Windows Vista, neither in 7, nor in XP. Strange."
Robin- Thank you so much for giving us the heads up on this issue you unfortunately encountered. We did some testing on our end and were unable to reproduce the issue- but we can see from those links you provided that there are quite a number of iTunes users who have encountered this same issue. It is clear, that for those affected with this issue, that this is not an issue with Shavlik's patching but with this patch from Apple- and it would be best to work with them on getting a solution. We will look out to see if we encounter more issues dealing with this patch from other users, and if so we will take another look at this patch.
Thanks again for sharing your helpful information with the community! If you have any questions or encounter any other issues please don't hesitate to contact us at Shavlik Support.