I'm really happy that my itunes fix is helping so many of you. I've received some comments to a posting on the Apple Community from those who have looked for and found the Shared folder and are a little stuck as what to do.
If the folder already exists then skip the mkdir step:
Go straight to the chmod section:
To make the folder fully accessible your use the Unix command chmod to and set it to the folders permissions and privileges to 1777 (if your running Mac OS 10.6 as I am here). If your running Mac OS 10.5 use the code 777) These codes give the shared folder a kind of 'Universal Donor' status so it can be used by other programs and processes, sort of permissions to all.
So at the Terminal Prompt now type:
sudo chmod 1777 /Users/Shared
Then try to start iTunes, it really should work. If it doesn't use the disk Utilities to repair your permissions and then restart your machine a try again.
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Many Thanks
fixed1t