I wouldn't worry about iTunes consuming less resources than Windows Media Player. In fact, from my experience, they both consume about the same amount of processor speed and RAM when playing back music and standard definition videos. iTunes consumes about 30% of my 1.66GHz Atom N280 processor and about 200MB of RAM, same thing for Windows Media Player. CPU usage will jump up to 100% when playing back 720p (or higher) videos (simply because neither iTunes nor Windows Media Player support my hardware for video accelerated playback).
I have a 10,000+ song music library along with 30 standard definition movies, 19 different SDTV shows with over 31.66GB (2.4 days) worth of video, 12 audiobooks, about 24 apps for an iPhone (or iPod touch and iPad), and 10 different subscriptions to video podcasts all on a USB 2.0 1TB hard drive hooked up to my netbook. Everything runs just fine. It might take a little longer to start iTunes than on my 8-core desktop with 8GB of RAM but things are still rather smooth.
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