1st thing you need to do is place the playlists you would like to work with into a playlist group all on their own.
Next, you create a playlist based view scheme and you're off and running.
Right click on "Audio" and choose "Add view Scheme"
In step 1, click on the "Add" button then choose "Playlist Group" from the top menu. You'll then be shown a list of your playlist groups to choose from. The pane will take the name of the chosen playlist group.
Next, add the library fields Artist (or [Album Artist (auto)] if you prefer to keep multi-artist albums grouped together) and Album.
The rest of the settings are optional and pretty self explanatory, make your choices (ask if you're not sure) and click OK.
You should now be able to drill into an artist or album view for any of the play lists that you have in your chosen play list group. The view should work just as well with smartlists as it does with static, regular playlists, and if you add more play lists to the group they will show up in this view scheme automatically.
Also, If you wanted to get clever...
If you added a smartlist to the group that included all of your audio files, you could use the pane view and tagging mode to select files and then use the tagging mode tick boxes to add or remove them from certain play lists by simply ticking or unticking the boxes.
If you use the "New" option you'll see in the playlist pane when some files are selected, you can add a new playlist to the group and have the selected files added to it right away.
All in all, if you make heavy use of playlists, this is a very powerful view scheme indeed.
Have fun playing around with it and just holler if I've missed anything obvious, which is usually the case
-marko.