You can restore much of the look & feel of the previous version with these shortcuts:
- ALT to temporarily display the menu bar
- CTRL+B to show or hide the menu bar
- CTRL+S to show or hide the sidebar
- CTRL+/ to show or hide the status bar (won't hide for me on Win XP)
- 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)
- If you don't like having different coloured background & text in the Album view use Edit > Preferences > General and untick Use custom colours for open albums, movies, etc.
If 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 supporting 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.