Unless you use Cover Stream, an iTunes helper app that recreates the old CoverFlow interface outside of iTunes. It's even incorporated the "flip-browsing" that you can do on the iPhone, where you just flip the art over to choose a specific track to play. As for how it actually works with iTunes, we can't say, but at least that CoverFlow interface is still available unofficially.
By the way, I'm planning on doing a roundup (similar to the alarm clock one) of iTunes helper apps like this, so if there are any you want to see included, drop a note here in the comments. I have a few in mind already, but suggestions are welcome.