In iTunes 11, is it possible to show the genre of an album in Artist view?
Short answer: NO

Apple has custom view options screens for Artist, Albums, Genres views and therefore you cannot change the columns beyond what they allow. It seems it is only available in song and playlist view. 

I am guessing the reason for this is that the artist view is meant to group and display a specific set of data. I would suspect in future versions they may introduce the ability to do this, however for the moment it is not possible.

Sidenote: The View Options screen has been drastically modified for the song view compared to the previous version.