If you try to install 10.7 over version 11 it won't let you do that.
I thought I could simply open up Time Machine and restore the previous version from there, but got a message saying that iTunes couldn't be modified or deleted because it is required by OS X. I was frustrated... lol
I finally figured out that I had to restart my laptop, hold the Cmd + R buttons and from there was able to do a restore from Time Machine. I have 10.7 back and everything is cool again.
Thanks so much for all the help, I hope my findings can help you guys if you should find iTunes 11 to be not so great.
I'm still running iTunes 7.5 (yes, 7.5, not 10.7, or even 9, or even 8).
=Downgrading from iTunes 11 to iTunes 10.7=
You may be able to go back with Time Machine but this may require a complete restore of your computer (https://discussions.apple.com/message/20441404). Alternatively:
Back up your computer first, in case the unexpected happens.
Get iTunes 10.7. Apple does not keep many old version up on its web site. I always install iTunes by downloading the installer and then keep it on my archive drive so I can have access to old versions. This one is no longer openly linked on Apple's site:
iTunes 10.7 for OS X http://appldnld.apple.com/iTunes10/041-7195.20120912.d3uzQ/iTunes10.7.dmg
Replace the iTunes 11 application with iTunes 10.7. Lion (OSX 10.7) and newer systems have iTunes integrated into the operating system and deleting is a bit more involved. Check this reference on how to do this:
Delete iTunes in Mac OS X 10.7 Lion - http://osxdaily.com/2011/09/13/delete-itunes-in-mac-os-x-10-7-lion/
Now you will have to rescue your old iTunes library from your iTunes > Previous Libraries folder and rename it "iTunes Library.itl" (replacing the existing one in the iTunes folder) because a newer version of iTunes irreversibly updates your library file. Note, this will revert your library to version at the time of the upgrade and you will have to update any changes made since. See:
https://discussions.apple.com/message/20401436 - turingtest2 11/2012 post on rebuilding empty/corrupt library from previous iTunes library file after upgrade/crash.
iTunes: How to re-create your iTunes library and playlists - http://support.apple.com/kb/ht1451
https://discussions.apple.com/message/20432309 - solution to mobile devices saying they need to be restored after downgrading
Do you have your external hard drive connencted to your Mini? Make sure that it is connected when you restart.
Once the screen goes black, that's when you would hold down the CMD & R buttons.
Continue holding these buttons until the Mini boots into recovery mode.
Once you get there, you'll simply follow the prompts (to restore from a Time Machine back up).
While it does the restore, you won't be able to do anything until it completes.
Don't be alarmed if it says that the estimated time is 2+ hours... it actually works a lot quicker than the time estimate given.
Once everything was restored and I fired up iTunes 10.7 again, it found about 35 songs that had been missing from library, so I was quite pleased with that. Also, upon launching 10.7 again for the first time after the restore you'll be given a message that a newer version of iTunes is available... DO NOT UPGRADE!
The only other issues I encountered after doing the restore was importing all of my Mail messages and to rebuild my user profile for Microsoft Office.
I hope this helps, please let me know if you need anything else.
After rooting around the web trying to find a simple and effective method to revert to 10.7 I found your solution. It worked like a charm- a well spent few minutes out of my life to escape the probs of iTunes 11. I was fed up with regularly having to force quit iTunes 11, which would give me the spinning beachball of death if I tried to type anything in the search panel. I'll try it again after some of the bugs have been worked out.