it would be great if ncmpcpp could display album art embedded into the tracks in one of it's view modes, for instance, as a part of the header in the alternative user interface. Previously this wasn't feasible without mpd support, but it looks like this feature is on it's way to being released: Album art PR merged delivered in scope of Add support for embedded cover art feature request.

Do you guys have any plans for integration with it in the foreseeable future?

In regard to actually rendering the image in the terminal, emulators have limited support, but iTerm and urxvt with pixbuf should work fine, as proven with previous experiments.