It took me about five minutes to find my first significant iTunes 8 bug.
Really, if Apple were to pay me $100K to test their products prior to release, they'd save a bundle. I have a gift for these things.
The bug has to do with the organization of podcasts.
First, look at this screen, which is what I get if I click on the abstract (older) In Our Time podcast icon. It splits In Our Time into two podcast streams, one with episodes and one without:
However if I click on the icon with Melvyn's face on it, I get this list:
So the Podcasts are in place, and my smart albums display both the podcasts and my other IOT AAC files together. The bug appears to be with a Podcast that is somehow split over time into two parts. The first screenshot displays both icons, but the episodes associated with the top icon are not displayed. If one clicks on the titlebar that seems to have no children, however, a podcast will still play.
So it's a bug.