Same problem here since May 25 as Amazon Jackie denotes in another post. You can drag the diamond around and continue the preview(limited success). Appears to be strictly isolated to the song preview option. Been in discussion with Apple Support, to no avail. Here's what I've tried to without resolution some at "their" suggestion and some from scouring the web.
Flush DNS - Multiple times - No help.
MSCONFIG - Disable all start up programs except iTunes & Quicktime - No help.
Created different user id for Apple Store - No help.
Disabled my spyware/antivirus program - No help. Managed to get the Trojan Maljava in the process. Thanks Apple! Interesting that prior versions of iTunes worked fine with my spyware/antivirus installed. Seems to be a common default answer to any iTunes issue.
Registry cleans - No help.
A complete uninstall/install of all Apple software and files per their prescribed methods and ordering. - Guess what...No help.
Sent email to Tim Cook - No response. Really didn't expect one.
Sent an email link of various postings describing the frustrations of users regarding this matter - No help.
At this juncture, I've given up. Over several days, I've spent countless hours trying to troubleshoot this issue. I'm flabbergasted that Apple doesn't acknowledge and provide more intense support to their users in these situations. I guess since it's not a massive failure, no reason for urgent help. Will migrate my song previews and purchases via other venues until this issue is resolved.