Kind of, but not really. iTunes is apparently really, really stupid. When it does a search for the album art to their servers, it uses the album name (makes sense) and the artist for the first track (***?). It totally ignores the "album artist" field, which would probably work a bit better.
My solution was to use this Python script:
http://www.jacobweber.com/coverArt
+Cover Art: A Python script which allows you to load album covers into iTunes, without attaching them to individual song files. Works with iTunes 8.0 and higher.+
Here's what I did:
1. Disable "auto download album artwork" in the preferences. (If you follow all the steps below, you are going to be responsible for your album art from now on.)
2. Select all music files.
3. Removed the embedded album art.
4. Right click "Clear downloaded album art."
5. Right click "Get album art" (let's start fresh).
6. Go through all the albums and "clear downloaded album art" for the ones that are wrong.
7. Start the Python album art proxy (from the linky I posted).
8. Change your system's proxy settings.
9. Select the albums that don't have artwork (you can make an auto playlist that will filter by "no art").
10. Right click "Get album art." (Now, instead of the request going to Apple, it goes to the album art proxy server.)
11. Go to the album art proxy server page in your web browser.
12. Find the correct album art using Amazon (it does this for the most part by itself) or Google or a local file for each album.
13. Right click "Get album art."
14. Change your proxy settings back to normal.
15. Kill the proxy server.
Now, you have cool album art that isn't embedded in the files, so it doesn't take up as much room as if a 600x600 image was in each file. But, be warned, if you delete the file from iTunes, the art is gone also and you'll have to go through all this again.
When I add a new album/song/whatever. I right click it and try to get the art from Apple. If it gets it right, yay. If not, I use the Python script again.