Looks like it's an issue with Coverflow.
Somehow, it makes a decision on which is the artwork for the album.
I have 3 songs on one album with artwork embedded in the file.
In coverflow, it shows artwork.
If I change the artwork for one of the songs, at the bottom left of iTunes, with Now Selected showing, it shows the artwork for tha song but coverflow still hows the artwork for the album.
I'll play with it a bit more.
Meanwhile, send feedback here ->
http://www.apple.com/feedback/itunesapp.html