Apparently I was mistaken when I reported earlier that iTunes 7.0.2 fixed VolumeLogic after breaking on the whole number upgrade.
I was able to get VolumeLogic to work successfully after I installed the iTunes point release, but once I rebooted — whaddya know — it stopped working again. I tried various other solutions, with mixed results, until yesterday when a registration-required beta was posted.
Finally! Now I can listen to my music the way it’s supposed to sound again!