Great album art is still valued. However, the change in music usage and digitalization has also changed the album cover design.
Pre-MTV era, the album cover was crucial in building the band's or artist's identity. Often the only visual connection to the band. Vinyl LP is/was a great design platform. CD cover is 15 % of LP's size. Now it's about designing icons to iTunes or Spotify or such. How does this affect the graphic design?
Steven Heller has written on Wired how the new constraints affect the design artwork for album covers. His solution is to get simple, clever and graphic.
May be the only thing that changed was the size?