I'm not very savvy. I usually accept all iTunes updates to get any important fixes. But I don't think I need Ping - never signed up and don't use social networking.
Should I reject iTunes update # 10 and its follow-ups, i.e., 10.3?
You don't need to use the Ping feature if you don't want to. You can still update iTunes. After updating, just click the icon at the bottom-right of the iTunes window to hide the Ping sidebar and de-select the Ping checkbox in the General tab of iTunes' preferences window.
I usually wait a week to a month before updating anything just to avoid getting caught surprised by any changes.
If it's not broken... the saying goes.
At some point you will have to update to take advantage of some store or new device or feature - but if you are happy with what you have, why not ignore this round of updates and enjoy what you have.