You won't be able to preview the media, unless Apple provides a way to do that on the web, which you could then embed in a browser within your app.
UPDATE: if you visit the iTunes media web pages in a normal browser you can preview the media (at least for music). In the iPhone browser however, you are automatically opened into iTunes when you enter that same URL. It might be possible to use the UIWebView without being forced to jump into iTunes, but you'll need to experiment to confirm.
Also you can build a web based system that will allow you to show the art and link to the media on iTunes using links working through the iTunes affiliate program. Joining the iTunes Affiliate Program would allow you to earn some percentage on the sales bought through your links to iTunes media.
iTunes Affiliate Program