I'll come to Max7's defense - iTunes 11 does have some nice new features if you think about it - sidebar & status can now be hidden (or not). This is a new capability you didn't have before. "Search entire library" is something you couldn't do before, and is easy to disable if you don't like it. "Up next" is pretty powerful - it's like iTunes DJ on steroids - you can add to a queue in front of a larger playlist but behind what's playing next, or just play next. You can create a Genius playlist based on what's playing now and either make that your new playlist, or cherry pick from that playlist and incorporate into what's currently scheduled. "Up next" does take getting used to, but it does do everything iTunes DJ did and much more.
I lived with iTunes11 for a month and liked it, but ultimately decided the drawbacks outweighed the attributes. I now have close to 70,000 songs cultivated from many sources. iTunes11 severely constrains library management capabilities when trying to add correct artwork, manage song tags, and when importing from uncompressed formats like .WAV or .AIFF. With iTunes11 my library was unraveling, and when I switched back to iTunes 10.7 it was like a breath of fresh air.
Album art preview is user selectable in iTunes 10, you can close it if you don't want to see it. When Apple brings back artwork preview and the abilility to open multiple windows, I'll switch back to iTunes11. The hidden ability to "import as" which basically turns iTunes into a batch audio file convertor is gone with iTunes11 as well, that was useful when importing large .aif or apple lossless files when all I wanted was an mp3, but that's not a dealbreaker. Album preview and multiple windows is.