Well well well! Lools like iTunes has skipped ahead and pre-announced iTunes LP, the rumored "Cocktail" album format from Apple.
Apple [iTunes link] says:
The visual experience of the record album returns with iTunes LP. Get a gorgeous, immersive version of select albums -- right in your iTunes library. So while you listen to your favorite songs by your favorite artists, you can also five into beautiful animated lyrics and notes, performance videos, artists and band photos and more.