A cheap Ethernet cable will do the trick, too. Just turn on Personal File Sharing on one Mac, and connect to it from the other via the Finder. I recommend using the same username on both systems--but if not, you can change the ownership of the files after they are transferred.
To move your music:
1. Copy the music library files themselves (by default, they're in your username/Music folder) to wherever you want them on the new machine, and tell iTunes where that is. I recommend using the same location on the new machine as on the old.
2. Copy your Equalizer creations, if you wish, from username/Library/Preferences (and your other iTunes prefs are in that folder too if you want them)
3. To preserve your playlists, ratings, and playcounts, you'll need to transfer your library database files, too. They are stored in username/Music, and end in .xml.
4. If all else fails and the new iTunes won't show your songs, drop your music folder onto the iTunes window. This forces the database to be re-built.