We just confirmed it on our own machines: iTunes 8.2.1 breaks Pre syncing. Apple warned that they may cut off the sync, and Palm said it would be a direct blow to their users. Direct Blow, she is a'here.
Obviously if you're a Pre user you should not update to the latest iTunes. Not, at least, until Palm strikes back with some kind of firmware update to enable syncing again. It's not like 8.2.1 has all that many new features either, so you don't really need to update either. [Pre Thinking]
Update: Here's Palm's official statement:
Palm's media sync works with iTunes 8.2. If Apple chooses to disable media sync in iTunes, it will be a direct blow to their users who will be deprived of a seamless synchronization experience. However, people will have options. They can stay with the iTunes version that works to sync their music on their Pre, they can transfer the music via USB, and there are other third-party applications we can consider.