Just as a heads up to others. There is some sort of bug with the iTunes 10.5 beta (running on Lion) with regard to M4V files containing AC3 tracks. They won't import. Disabling the AC3 track in Subler allows the files to import just fine.
Solution: exit iTunes, "Get Info" on iTunes.app, force it to run in 32-bit mode. Launch iTunes.
Files should import just fine even with an AC3 track. No clue why.
iTunes 10.5 beta + AC3 tracks + 64bit = broken
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