To cover or not to cover, that is the question...

As an avid reader and Kindle owner, I am faced with a dilemma as an aspiring author.  If I'm not trying to market my books in print, then why should I bother with fancy cover art? After attempting to get published the traditional route, I found success (okay, limited success, but I'll take it) with self-publishing to the Kindle.  However, I am starting to wonder if I would attract more readers if I had cover art for my books. 
As a Kindle reader, I don't ever look at the cover art for a book after I've downloaded it.  Why would I?  I'm reading it in its digital format for a reason.  As a self-published author, why should I spend time and money designing a cover that no one will ever see?  The saying goes "Don't judge a book by its cover" but honestly, don't we all do that? 
Anyone who has read any of my earlier posts knows how much I love Jill Mansell, and while it's the content that keeps me reading, I'd be lying if I said the cover of her books weren't what initially drew me to her.  I can't help they're just so adorable!  I would argue that sometimes we all go so far as to judge a reader by their book's cover!  If you plan on reading a book where others can see you, you certainly don't want something that is embarrassing.  I know I wouldn't want to be seen sitting on a park bench reading a book with a half-naked couple lounging on the beach together no matter how entertaining the content might be.  However, with the invention of ebook readers, that problem is solved.  No one can see what you are reading.  You could be reading the trashiest of trashy romance novels while sitting on the bus and no one would be the wiser! 
If you are purchasing a book to be read electronically then what purpose does the cover serve?  When I search for a new book to download and read, I don't put much emphasis on the icon of the cover art that pops up.  I look at the title, the author, the "teaser", and then the cover art.  I'm definitely not going to rule out a good read just because of its cover. 
So my dilemma remains.  Do I, as a self-published author, shell out money to get covers made for my books?  Should I pay someone to create the cover art or just purchase a program that would allow me to create my own?  If the title and teaser aren't enough to intrigue a reader will a simple picture do the trick?
How many Kindle, Nook, or other ebook readers out there have an opinion on this matter?  I am very curious to know!