If you'd like to disable the iTunes Store link arrows, quit iTunes, open Terminal, and run this command:
defaults write com.apple.iTunes show-store-arrow-links -bool FALSE
Relaunch iTunes, and voila, no more arrows! To reverse this behavior, you can repeat the above command (quit iTunes first), but replace FALSE with TRUE. (Or, if you prefer, you can completely delete the added preference with defaults delete com.apple.iTunes show-store-arrow-links).
I'm sure this would have been submitted by someone at some point, but the arrows annoyed me enough to go digging for a solution -- and thanks to Kirk McElhearn for his help in finding and testing the fix!

