Currently Being ModeratedJan 20, 2013 8:21 AM (in response to Steven Glassman)
By the presence of the cloud icon in your image example, you are viewing iTunes In the Cloud purchases. This option is turned on by default in iTunes 11. Try turning it off (View > Hide Items in the Cloud) and see if that corrects the issue.
The Cloud features in iTunes 11 have caused me nothing but grief. I'm also willing to bet that the play counts of several tracks/albums you have purchased from the iTunes store have been cleared as well. (You can tell this by tracks with a last played date but a play count of 0.)
You can disable this feature permanently by going into Preferences > Store and clearing the option Show iTunes in the Cloud purchases.
Since I cleared that box, I haven't had any more issues of reset play counts.
Currently Being ModeratedJan 20, 2013 8:35 AM (in response to GregMac1213)
I had already done "View > Hide Items in the Cloud" - I have hundreds of purchased items that I don't retain a local copy of.
It was the second option that cleared the magic playcount- clearing the "Show iTunes in the Cloud purchases" checkbox did the trick.