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iTunes 11 Play Count Not Updating?

Turn crossfading off. You might even be able to turn it on again after you quit and re-launch iTunes ((It worked here for me doing that.)), but turning it off fixed the problems right away.

Weird bug.

P.S. I have an "Unrated/Unplayed" smart playlist that contains songs I haven't played OR haven't rated, and it was frustrating to play 20 songs in the list, rate them, and have them play again because they weren't disappearing from the playlist.