Apple has updated iTunes 3 to version 3.0.1. The update is showing up in the Software Update Control Panel, along with an update to Jaguar we reported earlier today. From the somewhat unhelpful installation notes included with the iTunes 3.0.1 Software Update Control Panel notes:

iTunes for Mac OS X lets you build and enjoy your personal digital music library on your Mac. This third generation of iTunes adds powerful new tools to help organize, personalize, and experience your music collection, including Smart Playlists, My Rating, Sound Check, and many other exciting features. iTunes 3 also supports Audible spoken word content so you can listen to best-seller audio books and premium publications on your Mac and iPod.

The ReadMe buried in the iTunes receipt also says:

iTunes 3.0.1 includes a number of performance enhancements to iTunes 3.0, and provides improved support for Mac OS X version 10.2.

You can download the update through the Software Update Control Panel, and the download weighs in at 5.8 MB. You can find more information about iTunes at Appleis Web site.