Yeah, all my shit's on an external server that I access on my wireless network, so it's not even connected to my computer. I have a little bit of problems going through the network when adding or updating songs, but nothing major.
It is annoying that once you've pointed it to a library, that's it. Otherwise, you have to import, which takes considerably longer, especially with my massive library, and the aforementioned fact that it has to travel over the network. Only way I can change it up if I wanted to is to reinstall iTunes again.