iTunes 10.0.1 brought with it a Ping drop-down menu. Which some people liked! But if Ping's not your thing, here's how you get rid of that drop-down menu altogether.
From the Mac Observer:
1. Quit iTunes.
2. Launch the Terminal app in /Applications/Utilities
3. Enter this command, then press return: defaults write com.apple.iTunes hide-ping-dropdown -bool TRUE
4. Quit the Terminal app.
5. Relaunch iTunes.
And you're home free! To revert back, enter the same command but replace TRUE with FALSE.