No, just your iTunes media folder. For those who have the iTunes media folder hosted on a cloud solution, what happens when you open iTunes while NOT connected? From what I understand, it will create a new local iTunes library and media folder and be blank. I have my wife's iTunes setup with her library on our home server so when she forgets to turn it on, and she imports media into her iTunes, it saves it locally and then I have to consolidate the files and library. It's a PITA dealing with iTunes.