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What's keeping you from doing just that? Mounting it on different macs?

If I go that route, I have to be careful to never have more than one iTunes running at the same time, otherwise changes to the XML flat-file database might not be saved. Also, at least when I tried doing this from the Mac to the PC, I ended up being able to copy over the music files fine but my playlists ended up not working. I need to try again with the newest iTunes and see if the situation has changed.