If you let iTunes manage the file and folder names there is only one scheme. Music ends up at iTunes\iTunes Media\Music\<Artist>\<Album>\## <Name>.<Ext> and file & folder names have a maximum of 40 characters. (Eons ago there were command line switches to suppress the track numbers but I don't think they exist any more.)
You can of course turn off the option to Keep the iTunes Media folder organized or store your content outside of the media folder and turn off the option to Copy files to the iTunes Media folder when adding to library, or indeed turn off both. You can then set your files out exactly the way you want before you add them to iTunes. This is all good until you decide that something needs renaming, and then iTunes loses track of it.
Most people use one application or another to access their music so to a large degree the actual arrangement of the stored files really shouldn't matter. With that in mind however I am myself somewhat picky and used to routinely reorganize the files, then delete and reimport the moved tracks. This meant the loss of ratings, playcounts, date added information etc. In the end I wrote a script to impose my personal layout on the files and update iTunes at the same time so that it still knows where to find everything. This level of attention to detail really isn't neccessary and detracts from the more important task of enjoying your music.
Once connected to iTunes what it cares about is the data in the tags, not the path & filename. See Grouping tracks into ablums for details. If the tags aren't consistent you will have issues with albums being split into multiple instances, tracks of an album playing in the wrong order, etc. This "logical" layer of data is much more important that the "physical" layout of the files on the drive.
tt2