IE i have track number, track title, artist.
i dont bother with the album title as its on the folder, and shows in the info on winamp when playing.
you can aslo change the string value in winamp,
But if you copy your music collection to a portable music player (e.g. my Cowon J3) which supports logical browsing by tag fields, unless you store album in the tag you will not be able to browse by album.
Sure, you can also browse physically by folder/file and thus find the albums (assuming your collection is like mine, and is \Music\Artist\Album), but it is not as useful as logical browsing by tag. The J3 has two "drives" (32GB internal storage and 64GB external microSDHC card storage, providing me with a total of 96GB of capacity) and physical browsing is like with Windows Explorer, i.e. down from the "drive letter" so you can only see folders/files on one storage class at a time. But if you do logical browsing through the tags database, it allows you to find/play music anywhere transparently, on either storage class.
I feel there's no harm in storing album tag data to match folder name. It's all done automatically by Audiograbber when I produce the MP3/FLAC files in the first place and requires zero extra effort on my part. I also review the album/year/artist/genre/title data retrieved automatically by Audiograbber from FreeDB before "producing" (i.e. ripping, encoding, tagging) the results. Any spelling errors, or incorrect sequence of "The" etc., I just edit and correct on the Audiograbber CD/track info presented by Audiograbber before letting it do its thing.