Reply to iTunes Library and Traktor Collection

I'm really struggling to understand the relationship between Traktor's Collection, and an iTunes Library.

I understand that Traktor will read the iTunes Library, and build a collection based on that. But what happens when I add new tracks to my iTunes library? How does Traktor know to add ONLY the newly added tracks to the collection?

I currently have all my tracks on an external HD, and they are separated into 18 different Genre folders. I'm beginning to believe this is NOT a good idea...

AND - if a Traktor Collection is built on an iTunes Library, where will the Traktor info (cue points, BPM, etc...) be stored?

I've read the Collection section in the Traktor manual a couple of times, and must admit, I'm bloody puzzled by it. I don't like the idea of building a Traktor Collection based on my iTunes Library (>7k tunes) more than once. That's gonna take TIME.

I've set up some iTunes Smart Playlists that are pretty damn cool - will I be able to play from those Smart Playlists within Traktor AND be able to save stuff like loops/remix sets and cuepoints to the collection?

I'm starting to wish I got into Traktor a LONG time ago...