Larry
Mosaic Dataset do support these features. You can have the system generate thumbnails for all images in a mosaic dataset. The REST APIs enable one to access these and do a wide range of structured queries to return appropriate imagery and footprints. Different applications have been created to make use of this capability.
Note that in 10.2 there is also an image indexing search capability added to ArcGIS Desktop. This enables catalog to search and index images on different local and network drives as well as mosaic datasets and items within mosaic datasets. Through the standard ArcGIS desktop search tools you can then search and find image and raster datasets based on location and a wide range of attributes. The system not only reads the images, but interprets the various metadata such as cloud cover, sun angle etc that are part of the wide range of different metadata standards.