Yeah, that's right. If you're low on disk space, and you're an active iDevice user, chances are iTunes is taking up an astonishing amount of resources.
But how is this happening? Well, as you use iTunes over time, syncing your iPod, downloading firmware and podcasts, iTunes starts to accumulate a large amount of heavy files. And it's not real careful about it either. It makes me think Apple doesn't care about disk space.
So how can this be fixed? Well, I'd start by deleting all the local copies of the apps you have on your iDevice. You can find them by navigating to MusiciTunesiTunes MediaMobile Applications in Windows, it's probably similar on OS X. There you can sift through and delete what you want, or do what I did and ditch the whole load. Since Apple recently introduced a way for me to view and redownload apps I've downloaded in the past, right in the App Store, I don't see a need to keep months-old apps that I never use anymore on my hard disk.
The next thing you can do to free up some valuable disk space is to navigate to C:UsersusernameAppDataRoamingApple ComputeriTunesiPod Software Updates and deleting the files there. Don't worry, you absolutely don't need these files, they're the firmware downloads from when iTunes was updating your iDevice. For some silly reason it just left those 600+ MB files there, collecting dust.
Hope this helped you, and be sure to leave a comment below with your thoughts, suggestions, and opinions!