I've decided to ditch iTunes since it's so slow and I recently found out it writes non-standard tags which make them unreadable on other music players especially for files with unicode names and embedded album art. I had to fix a bunch of tags manually so that my whole library can be read by foobar and now I'm pretty happy using foobar as my main music player.

However, now there's only one feature of iTunes that I miss, which is the library consolidation, where it would organize all my files nicely into Artist\Album\Songs folders. I used the "File Operations -> Move, Rename or Copy Files" with the right options, which works, but it doesn't move the folder.jpg file in each folder. So, how would do I make it keep the album art picture in the right folder when consolidating?

That's what the action "move entire parent directories, preserve structure and file names" has been created for.

Ok it works for moving the folder.jpg and putting everything into the right folder, but I don't want to preserve files names. I want it to rename the files to the title and track number I tagged them as...

Do it in two steps:

Step 1: Move entire directories
Step 2: Rename or Move Files