I HATE the new itunes---the stupid drop down box to switch between music and podcasts is a pain. Once I get to my podcasts I can't sort them and they're all upside down---it doesn't show the series titles etc. Everything is stupid and anoying.
however, you can get back to the old version even after you install the stupid new one. I got an error message when I tried to run the old version. In order to get it to work, you have to go into your itunes folder and delete the file "iTunes library.ltl" You'll have to re-import all of your music, but deleting the file is the only way to go back to the old version---happy to re-import all my files as long as I don't have to use the new version.
If you try to install 10.7 over version 11 it won't let you do that.
I thought I could simply open up Time Machine and restore the previous version from there, but got a message saying that iTunes couldn't be modified or deleted because it is required by OS X. I was frustrated... lol
I finally figured out that I had to restart my laptop, hold the Cmd + R buttons and from there was able to do a restore from Time Machine. I have 10.7 back and everything is cool again. I didn't have to reimport all of my music, etc.
Thanks so much for all the help, I hope my findings can help you guys if you should find iTunes 11 to be not so great.
There is an easier way.
1. Just in the Programs folder to change the access rights for iTunes.app for all to read and write.
2. Then remove iTunes.app and run the installation version 10.7
3. Restore Music / iTunes Library