I pre-ordered Mumford & Sons "babel" and then about a week after, I updated my itunes and its no longer in the downloading section.

It may just show up one day, but if you call Apple Support (contact number is on the iTunes support page) and ask them about it, they can re-set it or inform you if there's been a problem. I had a similar thing happen with Caprica, their person fixed me right up.

I just emailed iTunes support for the same issue. in the previous iOS5, it was located in iTunes under the download section showing the date the album would download. Fingers crossed that this works as i hate calling support.