For those who use iTunes 10 and like the new Ping feature/network as much as I do. Here you will find a few small commands for removing Ping from the general iTunes 10 interface. Launch Terminal.app and enter the following commands (confirm by hitting return)

# Remove the Ping dropdown in the list view
defaults write com.apple.iTunes hide-ping-dropdown 1

# Restore the iTunes store link arrows in the list view
defaults write com.apple.iTunes show-store-link-arrows 1

# Rewire the links from the store to your local library (RECOMMENDED)
defaults write com.apple.iTunes invertStoreLinks 1

# Remove the ping sidebar
defaults write com.apple.iTunes disablePingSidebar 1