Keep in mind, the new iTunes is in a different format. To revert to a more familiar format:
In the top menu bar in iTunes, select
2. Show sidebar
Is the device now on the more familiar left hand pane or still not recognized?
iOS device not recognized by iTunes (Windows) - http://support.apple.com/kb/TS1538.
iPod not recognized in "my computer" and "iTunes" (Windows) - http://support.apple.com/kb/TS1369.