How to get iTunes 11 to Group by Album Name
In general, you're already using the correct way to sort by album name.  Click "Music" then, "Albums"



The problem you're seeing with compilations being shown multiple times for each artist has always been a problem even in older versions of iTunes.  In order to fix this, you'll need to modify the Album Artist field in the track info.

To do this, press ⌘+i (Ctrl+i on Windows), then put “VA” into the Album Artist field (Note: using “Various Artists” or any matching string should also work). You can select multiple tracks with ⌘+Click (Ctrl+Click on Windows) to edit many tracks on the same compilation at a time.