This paper examines the role of Novel View Synthesis (NVS) in geometric representation learning. In principle, NVS should reason about 3D scene structure, thereby enabling transferable multi-view geometric representations. Yet, existing encoder-based NVS methods yield poor representations. This is not because of a lack of supervisory signal, but rather due to inconspicuous architectural choices: \textit{spatially expressive decoders} that dilute representational capabilities of the scene encoder, and \textit{low-level pixel-space targets} that hinder feature learning. We present SNAP, a self-supervised encoder-decoder transformer that addresses both through a pose-conditioned local decoder and a latent-space reconstruction objective. SNAP is task agnostic, and we show that it is competitive with special-purpose geometry-supervised methods. SNAP also performs competitively against self-supervised representations across five tasks: visual localization, pose estimation, point correspondence, depth estimation, and robot manipulation. Remarkably, SNAP's patch features exhibit emergent viewpoint invariance that approaches heavily supervised models despite lower compute and data budgets. Under camera shifts where standard 2D representations collapse, SNAP degrades more gracefully, revealing that restricting decoder expressivity actively prevents the suppression of transferable geometric structure. https://snap-nvs.github.io
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