Yes, I too would like some functionality of being able to browse albums by thumbnails whereby you can see the individual tracks within an album once it's selected.
Another idea on how to implement this is how Yahoo Music Unlimited does it for the My Music section. Basically it's a simple pane view where the Album pane can be shown in "Icon View" or "Name View" by right-clicking the pane.
In MC, a similar approach could be done to made the panes configurable to show in either the current list view or instead as thumbnails. Rather than restrict it to a simple, predefined view, the choice of making a field's pane list view or icon view could theoretically be applied against any view scheme's panes.
Alternatively, as others have suggested, some sort of linking could be established between split views where selecting an album thumbnail on one view causes it to basically filter or select the tracks in the second view.
Something like this would definitely be used!
-J