XENOPHILE  Not competitive with alternatives like iTunes Library Manager and Libra, both of which can assign unique preference files to each library, something that cannot be done with iTune's built in multiple library function. Extra bonus: ITLM and Libra are both $10.  
(Version 1.4.1)

MAROOK  This looks to be somewhat irrelevant with iTunes 7, as you can simply quit iTunes and hold down Option while opening iTunes, and it will ask you what Library to use (or create a new).  
(Version 1.1)

ED.B  Not sure what your getting here for the money but it looks like you sort things into folders. I can do this in iTunes already.

Have you tried Libra

http://www.macupdate.com/info.php/id/13728

its cheaper and works with external locations. The website says that it will run under Rosetta and that an Intel version will be available in October.  
(Version 1.0.2)

GLJONES  I can't get it to remember the names of my libraries when I rename them (even hit SAVE).

Would love a better setup menu where you can click NEW and select a name and folder where the library exists. I have 3 libraries, 1 on the local drive and 2 on a Lacie USB drive.  
(Version 1.0.2)

HAGI  works only with english localization. Go to "System Preferences / International" and put "English" at the top of the list.  
(Version 1.0)