This "feature" to which you refer always annoyed me when I used iTunes. A lot of people think your media software should not go about reorganizing your filesystem without being told. So I wouldn't think it's required, but everyone likes different things.
Apple is doing a fair bit of the work of getting users to switch by slowly deprecating and disabling iTunes, don't you think? It can't manage apps anymore and the Mac version is being killed off entirely.
In fact, because MC can be made to do almost anything, it can actually be made to do what you want here, pretty much. Instead of dragging and dropping into the interface, you have to drop into a watched folder that MC monitors through auto-import. That should satisfy you.
To set this up:
Configure auto-import and add the pre-existing folder you want it to monitor. MC will remove files from this folder as it imports them. Make sure mode is to include this folder, not exclude.
In the "apply these tags" section, click Commands->Add->Custom
For field, select "Filename (path)"
In the value box, enter something like this. You get the idea...
D:\FLAC\[Artist]\[Year] - [Album]
And click OK.
The above will move the file based on the rule you create. You'd better hope your tags are good. If you also want to rename the file itself, simply create an additional action for the "Filename (name)" tag, and build from tags the name you want as above.
When done, click OK on the folder settings dialog.
Now whenever autoimport runs, MC will snatch the files from your watched folder, organize them, and put them in the library. Like iTunes, except the way YOU want it.
One gotcha: If MC sees that the folder is empty when it has imported all the importable files, it will remove the watched folder. So to prevent this from happening, leave one non-importable file in the folder, like a .txt file or something.
Let me know if that helps you.