Ok, a lot of this is a discussion of the importance of lyrics in general, which is probably a whole other topic. I'll just say that there is a lot of respected music (symphonies, jazz, etc.) which has no lyrics at all. Then of the subset of lyrical music, only a tiny fraction of that is created by "visionaries" who are actually attempting to communicate a cohesive message. Most of the time it's just some crap that the singer throws together to give himself something to do while his band plays all the riffs that they wrote. Slap some artwork on the cover that communicates the genre of your music (i.e. it looks just like everything else), and you're good to go. The fact that music with bad and pointless lyrics sells like hotcakes proves that most people don't really care about them. Now, of course your label would cater towards artists (and fans) who care about lyrics; I'm just saying that those are relatively small groups, both on the artist and fan side.
I would change your painting analogy a bit, and say that listening to music without text and imagery is like looking at a painting without hearing the music the artist was listening to while painting it. Or like watching a movie without reading the script. Hearing the music or reading the script would definitely add something to the experience, but most paintings and movies also have no problem standing on their own, just as music can stand on its own without packaging.
Now, the above argument ("you don't *need* lyrics/imagery to appreciate music") is actually pointless, because there's nothing about electronically-delivered music that prevents you from seeing those things. It's very easy to view artwork and lyrics on a computer, in the same electronic format as the music itself. So there's no need to copy/print-out and all that. It's unfortunate that more electronically-delivered music doesn't come with lyrics embedded, but a lot of it has embedded artwork, and the lyrics situation is improving (some stuff on iTunes comes with full digital booklets). You could say that you still miss out on the feel of the paper in your hands, but you should ask all the dying newspaper companies about how attached people truly are to physical manifestations.
And I can even imagine the situation reversed: if an artist *really* wanted to present his album in a complete way, he could create an interactive web-based presentation which has the potential to be far more complete and enveloping than even the most elaborate packaging. Movie websites already do this, and even some albums have these sorts of things embedded as CD-ROM extras. In that way, the revered physical packaging would take a back seat to the electronic version.
Finally, none of this would make any sense to me either if my computer and music were still separate things. I'd laugh at anyone who told me to go read lyrics online if I had to move to another room or dial-in at 56k. So to help visualize the merging of "computer" and "stereo", here is how you'll find me 90% of the time when I'm in my house.
I don't have to get up and go to a "computer room" to check the artwork and stuff, I can do it all while sitting on the couch and listening, exactly like I would if I was still looking at a physical booklet. The only difference is that when I switch to a new album, I don't have to haul my lazy ass off the couch to pull the new booklet off my CD rack! Again, I know I'm ahead of the curve here, so that's why most people *do* still laugh at the idea of reading lyrics online, but everything is headed in this 'convergence' direction, so it's going to seem less and less silly as time goes on.
Oh, and thanks for the thought and effort you put into your post...if other people besides me make lengthy posts like that, it makes me feel like a bit less of a wacko!
Neil