David Chartier over at The Unofficial Apple Weblog (TUAW) takes us through all the steps needed to set up a hard drive connected to your new Airport Extreme Basestation and maintain a single copy of your complete iTunes Library there for easy access to all of your networked computers. (Apple also has a neat diagram of this all working, too.)
Tired of maintaining multiple iTunes libraries on multiple machines? This is a great answer. I just said to a friend this morning "damn, my Beatles MP3s are all on the old G4, I can't play that song right now..." - I definitely need to get me one of these new Airport Extremes and another big drive.
Chartier says,"We'll outline what you need to know to truly snip the wires on your iTunes library." I say, "scissors ready."