"iTunes 11 - Now with an even uglier icon"
There's a ton of things about it that are uglier. The new album thing is nice, but that's about it. Font sizes are too big and childish, some things are ridiculously aligned, like the search bar, which is right by the minimize/close buttons (at least on Windows 7), and look at stuff like the album years not aligning with the track times on the Artist view, for example (edit: about this one, now they look fine. I think the program is just glitchy still, I've had a few weird things happen).
It looks like a big mess to me. It's mixing design elements that all come from different versions of the program.
Edit: Also, the program is not simpler at all. It's hiding half the features that were at least viewable before, all behind these new popup buttons. If you don't know the feature exists already, there's nothing to indicate it's there.