A new version of iTunes 11 has been released today, fixing issues with iTunes in the Cloud.
This appears to fix the same issue that iOS 7 beta 6 fixed yesterday, although the iOS beta also required users to install a configuration and press a button in settings to completely flush out media on the device. For iTunes 11.0.5, the update does not require any additional configuration.
The iTunes 11.1 beta, which includes iTunes Radio and is only available to developers, has not received an updated beta yet, although it can only be expected as Apple runs through all of its iTunes-related software and fixes the iTunes in the Cloud bug.