iTunes 4.0.1 and Default Folder 3.1.5 conflict?

[Steve Goldstein]

I upgraded to iTunes 4.0.1, and it would not open.
Re-installed, restarted, repaired permissions, etc.
Finally, turned off Default Folder 3.1.5, and then and only then 
would iTunes open (boot).

Anybody have similar experiences?

Thanks,

Steve