They released 10.7 after the media event, but iTunes 11 isn't coming until October
On that note I have to say the new iTunes looks absolutely fantastic.
I hope they haven't done away with list view + three pane explorer (Genre Artist Album) on top. Otherwise I won't be happy!
As long as it performs better than the current iTunes (which won't be hard) I'm not too bothered how it looks, although it does look pretty good.