They won't be phased out as soon as 5-10 years.
However, many people have argued that the album art sort of lost its significance when the significantly smaller CDs overtook LPs. I have to agree with that. The Sticky Fingers cover is not "all that" in the CD format.
Also, fewer artist are relying on CD art these days. A lot of booklets are just boring these days. Hell, look at ABB.
I heard all the Stones albums mentioned above in mp3 format before I went out and bought the CDs. The experience is just lovely this way too, trust me. And there is no easier way to learn about the chronological relevance of Tumbling Dice compared to Emotional Rescue than looking it up on the net.
ALso, while its nice to see why a certain track is included in an album while another is left out, it is also just as infuriating, and makes me personally want to doctor my own versions of albums (or 'collections').
Also, you read lyrics on the john? In that case, I think I speak for everyone when I say print them off the net, and take care of the CD booklet you had to pay for.
This reminds me of that Seinfeld episode with the book George took to the bathroom.