I love the new version of Grid view but some of the other changes feel like they still need some fine tuning. And I miss cover flow even if I didn't use it that often...
You can restore much of the look & feel of the previous version with these shortcuts:
- Ctrl+B to turn on the menu bar
- Ctrl+S to turn on the sidebar
- Ctrl+/ to turn on the status bar
- Click the magnifying glass top right and untick Search Entire Library to restore the old search behaviour
- Use View > Hide <Media Kind> in the cloud or Edit > Preferences > Store and untick Show iTunes in the cloud purchases to hide the cloud items. The second method eliminates the cloud status column (and may let iTunes start up more quickly)
Should you still feel the need to roll back to iTunes 10.7 first download a copy of the 32 bit installer or 64 bit installer as appropriate, uninstall iTunes and suppporting software, i.e. Apple Application Support & Apple Mobile Device Support. Reboot. Restore the pre-upgrade version of your library database as per the diagram below, then install iTunes 10.7.

See iTunes Folder Watch for a tool to scan the media folder and catch up with any changes made since the backup file was created.
tt2