This is a consistent bug I've noticed when updating between versions of iTunes. If I completely uninstall iTunes/Quicktime and attempt to launch Mediamonkey, it will forever freeze on launch at the spashscreen. I can wipe all knowledge of MediaMonkey from the user profile, uninstall Mediamonkey, reinstall it, and it stays dead. However, reinstalling iTunes causes MediaMonkey to resume normal operation. I'm assuming that something left behind in the registry by iTunes/Quicktime is the cause of this, and MediaMonkey is attempting to utilize it not realizing it doesn't exist anymore. Maybe with the AAC codec access it does?
I'm wondering if other folks that have reported MediaMonkey freezes may have done something similar. I've recreated this on two machines, so I'm assuming that others should be able to recreate these results.
Systems that this has happened with are Vista/2008 Server, with all software on current versions except iTunes. Recreated results in both 3.06 and 3.03 of MediaMonkey.