iTunes oddities

Hi, me again.. with another problem...
So, fresh install of Windows 8 Pro x64 on a SSD-RAID, 8GB ram.
Fresh install of iTunes 11 x64
Empty library, should be lighting fast to start right?
Wrong!
After I click to start I notice the process appear in task manager but nothing happens, it just sits there for a minimum of 2-5 minutes before the GUI pops up, all this time with 0% cpu/disc activity.
Once running if I try to access "Preferences" it again locks up the same way, rest of system remains responsive and usable, it's just iTunes that's frozen.
In addition it creates it's library in "My Music" and I don't want it there so I change the location in preferences and set up what I want included in it.
After restart of the program, it has reverted back to the default location (although other settings stick).

Anyone know what's going on with this and maybe a solution?
I have tried running it in compatible mode for Win 7 where it previously worked fine and I have tried running as admin, made no difference.