I have just installed a 500GB drive and want to move the iTunes Media folder. I have the hard copy of the support instructions and it just won't work after trying 3X. I thought there might be something wrong with the drive but I'm able to move files and open from the new drive, even other music files. Am I doing something fundamentally wrong? Any help will be appreciated. I'm running Snow Leopard 10.6.5 and iTunes 10.1
Since I last posted, I verified that I was doing all the right steps but nothing would work. Only ringtones would transfer.. What I wound up doing is drag the entire iTunes folder to the external drive to the folder I wanted. My iPods (all three)didn't have a problem. They recognized a new library and informed me if I wanted to sync to new library. The iPhone 3GS wasn't as happy and wiped my files off the phone. I had to "add library" then it happily synced with no problem. I have had no problem since.

Ron Scott