I have my music organized the same way. I've been messing with FP today to see if I want to switch from MediaCar
The 'Directory' and 'Directory2' modes seem to be what you're looking for. I agree broswing through a properly organized file structure ist he way to go ... I don't trust the tags.
I'm still trying to figure a few things out with these modes though ... like when I use the 'Directory2' mode to drill down and select an album, the next and prev buttons don't work.