Eric from the Apple support forums writes, "Since you are moving the "iTunes Music" folder along with the "iTunes Library" and "iTunes Music Library.xml" files, you will preserve all data attached to the songs, including playlists and ratings."
No I can't, the playlist file (xml) contains paths to the MP3's on my Windows system. Mac OS X refers to files in a different manner. I may be able to replace the old path with the new path using a text editor....yeah, i'll try that