I expect a number of book covers use a color selection such that if you grayscaled it, the title and author would be hard to read, as might would blend into background art.
Moreover, in a decently sized list, I think one can locate an item more easily if all of the text is presented in a consistent font and location--i.e., if we have a text list rather than a gallery of book covers.
Plus, with a book cover display, all the books that don't have covers--e.g., much of the public domain material from Project Gutenberg--will stand out like a sore thumb.
That said, I generally bewail the use of icons, being an old-fashioned PalmOS user, and thinking that the PalmOS UI guidelines of using text buttons in place of icons for clarity got it generally right for mobile devices. :-)
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