Not happy, but not surprised that they took this out. Apple are always removing perfectly good features that work perfectly well for no good reason. I think they do it on purpose to try and force long-time users to try the 'new way' that they are currently enjoying in Cupertino this week.
I'm staying on iTunes 10.7 for now, for this and a few other reasons. I have tried out iTunes 11, but I did so in a virtual machine (Parallels) install of Mountain Lion because I was concerned they'd do stupid stuff like this. I actually like some of the things in iTunes 11, but it's almost all aesthetic and not functional, and I use iTunes too much to lose functionality I like just for it to be a bit prettier.
As always, leave feedback with Apple, it improves our chances of getting features we want back returned, even if only by a little bit.