OK..up to iTunes 10.5.3.3. Still have the same issue.
"Run as administrator" allows iTunes to work.
So here is how to set iTunes to always run as administrator:
Computer> hard drive> Program Files (x86)> iTunes.
Right-click on "iTunes.exe" and select properties.
Click on the "Compatibility" tab, then the button at the bottom "Change settings for all users".
Then click the check box for "Run this program as an administrator".
Then OK, and OK again.
Note: each time you run iTunes or connect your iPad, iPhone or iPod to your computer and open iTunes, you will need to approve the User Access control to allow iTunes to run.
So iTunes and the iTunes Store work then. Also, so far with upgrade to iTunes, I have not had to set this again. My desktop shortcuts just work.
Maybe someday apple will figure this out.