I thought this was an interesting question...
Playlists only display files; you can't get a playlist to group by Album. (You could add an Album column and sort by that, but it doesn't seem like that's what you want,)
However, you can create a view that simulates this.
Briefly, here's how you do it:
0. Ensure the Playlist (or Playlists) you want to view this way are part of a "Playlist Group". Right-click on Playlists to create one.
1. Copy your existing Album View, or create a new Category view.
2. The top level Category should be type Playlist Group, and select the playlist group you just created.
3. The next level down should be Album
That's pretty much it; beyond that you can customize it like any other view.
When you look at this view, the top level will show you a selection of playlists in the Playlist Group. Drill down into a Playlist, and it will show you the Albums represented. Double-clicking any album will reveal individual tracks in the file list pane below.
Have fun...
