It's a personal preference, and it's still possible to pick a list view with no album art in iTunes 11. I often have a visual recollection of album covers, be it singles or whole albums as well as physical location (if it's real singles).

It's not really only albums that gains from album art, singles with remixes would still have a cover which I vastly prefer myself as compared to a blank square.

Still it's a critique of iTunes as such, while the submission is related to generating color themes from an image algorithmically.