iTunes 12.1.2 Download Released: Better iOS Syncing with New Photos App
The software updates keep coming from Apple, as yesterday we saw iOS 8.3 make its debut along with OS X Yosemite 10.10.3.
This morning, iTunes 12.1.2 has been released to bring improved photo syncing support for the new Photos app found in OS X. The new version also includes overall stability and refinements to the Get Info window, says Apple:

You can install this update now by going to the Mac App Store on your Mac, then clicking on the Update tab.
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Well I installed this update and now iTunes will not even open on my Mac. Anyone else have this issue?
Yes, same problem. I ended up reverting back to a day-old Time Machine backup to get rid of the new iTunes.
I don’t have Time Machine set up yet, silly me. But I did find this fix.
Open the Terminal
Run “sudo rm -r /Applications/iTunes.app”
Re-install iTunes
Worked for me and apparently many others.