when I first launched the new version it had no Side Bar and no Status bar (bottom of the window) but did have a Browse Bar.
Using the View menu I got iTunes to look like it did before the update.
What Grid is it that you want to shrink?
I just loaded the new version of iTunes and I can't figure out how to shrink the grid display. This control used to be on the lower right handside of the screen. Any thoughts?