Well, that was fairly painless. Using its backup tool, I just backed up my iTunes library: 2089 songs, 7.13GB. It took two DVD-R 4.7GB disks and about 20 minutes. If I’m reading the documentation correctly, it doesn’t back up album artwork, so if I (or you) want to save that, the album artwork folder needs to be saved separately. If I’m wrong and somebody knows otherwise, I’d appreciate being advised.
I wouldn’t think the artwork would be a big deal; there are preferences you can set to automatically download track titles and artwork when you play a song, if they’re missing.
Well, it doesn’t always work. If you have Beatles music, for example, their catalog isn’t in iTunes (yet); no artwork for those albums shows up. That means digging around to copy the cover images and editing the albums within iTunes. Since I don’t want to have to do that over and over again, I’d like to save the artwork within iTunes.