jtfrazier:
To be a little clearer....
Using album view, select all the tracks and view tags (Edit/Tag, or alt-enter on the keyboard). You'll see "Album," "Album Artist," and "Artist". MC assigns albums by Album Artist if is it filled, or Artist if Album Artist is blank. (MC leaves Album Artist blank when ripping (at least for me).)
As blgentry suggested, you can combine (or split) CDs in to albums as you please. To combine 2 CDs into one album, first renumber the tracks (by renaming track #) on the 2nd CD to follow from the 1st CD. Then rename both CDs to have the same Album name. Then you'll have a single album with proper track order.
You can also use mp3tag (a free program) to tag albums and tracks, but it is no better, and in some ways trickier, than using MC.
Hope this helps.