You may not get cover art though as iTunes stores it in a separate database.
If you use a third party ripping program the album artwork will be stored within the file, and when imported into iTunes, will not be stored in the iTunes database.
However, iTunes does store album artwork in its own database if either
a. The artwork is automatically downloaded by iTunes from the Gracenote Internet database during ripping (or if the
Get Album Artwork command is manually executed)
OR
b. The file type does not support metadata tagging, such as .WAV files
If you manually paste artwork into the Get Info > Artwork field, the artwork is stored within the file. This gives you a simple workaround to convert artwork that was stored in the iTunes database to be stored within the file itself (again, unless it is a .WAV file).
The procedure is
1. Select the Album from the Album View
2. Select any song from the album and click
File > Get Info (or
Command + i on Mac;
Ctrl + i on Windows)
3. Copy the album art from the field on the Artwork tab, then cancel the dialog
4. Select the Album again and
Get Info. When selecting multiple songs (as in selecting an album), the Artwork field is smaller and located on the Info tab (there is no Artwork tab)
5. Paste the album artwork you previously copied into the Artwork field, then click OK.
6. The album artwork will now be stored in the song file itself
Its pretty fast once you've done it a couple times, so it depends on how many albums you need to do this to.
Steve