SIXBILLSHIPS  I now think the problem may have to do with iTunes communicating with my Apple TV when it launches. I downloaded a competing product with the initials CS and the same problem occurs. In this case, the Console log indicated a "DNSServiceResolveError" followed by the DNS name of my Apple TV. Has to be more than just coincidence, don't you think?  
(Version 2.3.8.4)

SIXBILLSHIPS  Still hangs on launch if iTunes is NOT already running and will also cause iTunes to hang. My music library is on an external FW hard drive.  
(Version 2.3.7)

SIXBILLSHIPS  I haven't been able to use this either (recently purchased through MacUpdate promo) and my songs are stored on an external hard drive connected via firewire. TTC hangs as well as iTunes unless iTunes is already running prior to launching TTC.  
(Version 2.3.3)

SIXBILLSHIPS  v3 Suggestion

For a new feature suggestion for version 3, how about being able to directly select a song from a playlist from the Controller window or from the Menu controls. I don't see a way to do that now, but would like to.  
(Version 2.2.8)