I have a 2011 generation Macbook Pro, upgrade to 16gb RAM and a 128gb SSD drive - running Mountain Lion and iTunes 11.
During playback (approximately 20 times per song) it stutters, stops playing for a few seconds, and then resumes from where it left off. It seems to co-incide with my using the keyboard or performing any file operations - and at the same time the file operations freeze up. The following screenshot was taken about 3 seconds after a skip and doesn't show any signficant CPU activity:

However, if I close iTunes, I get no problems with file operations, or any other app on my machine - leading me to believe that iTunes is causing the problem. Has anyone else run into anything similar, or have any advice on stopping iTunes being such a resource hog?
Note: Other apps (for instance VLC) have no problem with playback under the same conditions.

top -o cpu(in Terminal) or Activity Monitor during playback to see what else is consuming CPU time? – patrix♦ Jan 12 at 13:16