Multimodal large language models (MLLMs) project visual tokens into the embedding space of language models, yet the internal structuring and processing of visual semantics remain poorly understood. In this work, we introduce a two-fold analytical framework featuring a novel probing tool, $\textbf{EmbedLens}$, to conduct a fine-grained analysis. We uncover a pronounced semantic sparsity at the input level: visual tokens consistently partition into sink, dead, and alive categories. Remarkably, only the alive tokens, comprising $\approx60\%$ of the total input, carry image-specific meaning. Furthermore, using a targeted patch-compression benchmark, we demonstrate that these alive tokens already encode rich, fine-grained cues (e.g., objects, colors, and OCR) prior to entering the LLM. Internal visual computations (such as visual attention and feed-forward networks) are redundant for most standard tasks. For the small subset of highly vision-centric tasks that actually benefit from internal processing, we reveal that alive tokens naturally align with intermediate LLM layers rather than the initial embedding space, indicating that shallow-layer processing is unnecessary and that direct mid-layer injection is both sufficient. Ultimately, our findings provide a unified mechanistic view of visual token processing, paving the way for more efficient and interpretable MLLM architectures through selective token pruning, minimized visual computation, and mid-layer injection. The code is released at: https://github.com/EIT-NLP/EmbedLens.