how do I purchase from my wish list now there is no more buy option????

The 'buy all' button that used to appear on the wish list screen has been removed for some reason, but you should be able to buy items individually by clicking on their prices (not the downwardpointing arrow next to the price)

What happens when you do it i.e. when you click on the price (not the arrow next to the price) ?

Yes - I don't know why the 'buy all' button has been removed, but if it's something that you'd like back then you can try leaving feedback and maybe it'll be added back in a future update : http://www.apple.com/feedback/itunesapp.html

askurmom, I've been frustrated by the same thing, and have had your exact experience. (I'm going on a trip and stockpiled a bunch of songs to keep me occupied — it's almost not worth the time to purchase them individually.) Good luck!

KP, thanks for the link; I am going to post feedback right away.