Simulating adding a UPC that I already owned on the iPhone4, I went to add a profile by UPC.  I punched in the UPC and hit the Search button.  The Loading Results screen displayed and then jumped to my profile displaying my personal information such as purchased date.  The first time, there was no cover image displayed, just the default (no cover) image.  Tapping it displayed the cover.

Backing up to the Add by UPC selection and repeating displayed the thumbnail correctly.  However, the cover was from the online collection, not my personal cover.