Well, the title says it all. It makes perfect sense because Hear is a 32-bit app, so it cannot interface with any 64-bit library. Luckily iTunes is still 32-bit for now, but Snow Leopard users can forget about any audio processing in the new QuickTime Player.

I hope that while fixing this, they also fix the annoying other bugs like previous settings that return, the memory leaks, and the interface losing connection with the daemon. If this thing didn't work so well on the audio front, I'd have trashed it long ago.