Hi yes it does work and is tested with iTunes but you have to think about how you want it to work, also not because we dealing with a third party product that doesnt publish all details of its workings occasionally things dont work.
If you want iTunes to manage your music (which personally I dislike) then you shouldnt try and change filenames within Jaikoz. iTunes will be informed when you have saved metadata changes within Jaikoz and then iTunes should rename/move files itself based on the new metadata. One problem with this approach is that if you want to do further editing of these files within Jaikoz and iTunes has moved them since they were originally loaded in Jaikoz then Jaikoz will not be able to find them as iTunes does not inform Jaikoz that it has moved them so you would have to close and reopen the files in Jaikoz.
Alternatively disable managing your music within iTunes, then you can make use of Jaikox file renaming and moving options.