Just as I was in the middle of installing iTunes my computer locked up. I rebooted and ran the installation again only to be presented with the following error after plugging in my phone:

A quick reinstall of iTunes left me in the same boat. It turns out that you have to remove several Apple products in a specific order before reinstalling iTunes. So open up your Control Panel then uninstall these components in the following order:

• 
  

  iTunes

• QuickTime
• Apple Software Update
• Apple Mobile Device Support
• Bonjour
• Apple Application Support*

At this point you can now install the newest iTunes and you should be able to sync your iPhone without any issues.

*iTunes 9 or later