I am using a NAS or lets say used. I have an older Imac with a "G" connection and it causes Itunes serious trouble. It gets very sluggish when files are not on the local drive. I tried initially having everything including the library files on the shared drive, then moved music and in th end movies to local as well.
I think it has to do with that it's trying to open these file to read coverart or someting like that.
Out of my experience, I wouldn't recommend it, maybe it's better with "N" but doubt that.
BS9000, BS2300, BC2, BL2500, BL3, Bl2, BS1, BV8, BC4, A8