there was a post in which this had been discussed.
look here:

http://www.mediamonkey.com/forum/viewtopic.php?t=9200&highlight=

maybe is solves your problem

btw what do you mean "compatible with itunes"? :o

I need to transfer all the songs from my iPod to my PC. Can someone explain how to do this?

Also, after this is done using MM, will it be compatible with iTunes or only with MM?

Thanks!