Googling led me to this page where the author had the same problem, and they found a solution in Safari Bookmarks Extractor. I can't test that it still works with version changes in both, but it probably does. Once you have your extracted bookmarks, you just use Manage Bookmarks -> File -> Import -> From File.
So, if you're like me, you hate those little arrows Apple puts in your iTunes linking to buy the songs in their online music store. Well, in all versions of iTunes up to and including 7.x, there was a preference for removing these arrows.