I would think that such a program that finds duplicates by a file hash or something would be more effective.
Different rips of the same song, even off of the same album, will have different hashes. The only way this is helpful is if you accidentally copy-paste your files and duplicate them this way.
Load everything up in iTunes, list by title, and then look at the directory that has the song. D:
Alternative: iTunes, View->Show Duplicates.
Right-click->Get info->Summary->Look at bottom.
Just make sure it is indeed a duplicate. iTunes tends to be a little trigger-happy about listing songs as duplicates. The biggest example is with Live tracks. You have to specifically list them as Live in the song title for it to realize it's a different track. But unless you're like me and have 15,000 songs, it shouldn't be that big of a problem.