Default Option: Colors "On"
I am not a fan of the gray scale of the icons. That is sore on the eyes for me. Color helps me navigate more easily.
I wouldn't mind seeing an option to turn the colors "on", because that is what I prefer. By default the colors should be on, if others want it off, so be it.
The icon is not a big deal for me, as you can change that by highlighting the iTunes icon in Finder, command-I, and change the icon if you know how using copy and paste with an older version icon in the iTunes Info window.