iTunes 8 causing 5002 app store error, workaround available

A number of iPhone and iPod touch users running iTunes 8, including an iLounge editor, have been hit with an iTunes error 5002 when trying to update applications stored in their iTunes libraries. While the exact cause of the error is not clear, a workaround is available. Those receiving the error should look through their Applications listings in iTunes and remove any app with a generic icon, and then re-download the app if needed. The generic icons represent apps that iTunes 8 cannot find, and for some reason cause the program to display an error 5002 for the entire catalog of updates rather than skipping over certain applications. Following this procedure, all applications should be updated by iTunes properly, then sync to the iPhone or iPod touch without issue.