By "regular library view" do you mean "Music"?
If so, it makes no difference. It's just a different view of the same sorting, and Music Explorer is way more elegant.
I also tried to change the tags on one album as you suggested. To reuse my previous example of a split album by Céline Dion and Death Grips with 6 tracks by each artist - let's say that album is called Relaxing Chansons. Album artist tag was blank so I edited it to read "Relaxing Chansons". Now it does show under Artist = "Relaxing Chansons" (okay) and lists all 12 songs (good)... however, it is no longer listed under either Céline Dion nor Death Grips, which is incorrect as it features original tracks by both and should be listed under both as it is significant to the discography of both.
On the other hand, an album like "The Best of Pre-WWI Rockabilly" with its 30 tracks by 30 artists should probably NOT be listed under each of its 30 respective artists as it is representative of a genre rather than individual artist(s). Hope that makes sense, although it's getting complicated

That's why an option for MB to blindly follow the folder structure would give the user the option to control how content is displayed in MB based on the way the user stored it in the file structure.
I used to use Cantata on Linux, and its "Folders" option does just that, it shows you your directory tree and you can play whatever you want. I know MB sort of does that too under "Computer", but it is a rather inelegant way to use the program .