It’s been said Steve Jobs hates buttons, which is why his devices have few, if any of them. If Ping annoys you as much as me you help reduce the button count by running the following command from terminal (on OS X). The tip comes via Macworld.
Quit iTunes and run the following from terminal:
defaults write com.apple.iTunes hide-ping-dropdown 1
The ping button will be gone when iTunes restarts. The Macworld article has other hacks to add the arrows back, but I decided to go both button and arrow free.