Finally, an iTunes competitor that might actually be worthy of the phrase - Myspace Music.
It's got context alongside the content - user reviews, shared playlists, band information, lyrics, etc.
It's got a business model that actually stands a chance (i.e. free to the consumer, with adverts alongside streaming music). What's more, they seem to have the right setup - Myspace and the record companies will share equity stakes in the business, so they will all share in its success.
Technically, it's not restricted by crazy DRM. I like the dual options of both streaming and download - why not provide both, and see which works best?
It sits atop a site already heaving with music discussions. In fact, you could say that a social network has finally provided something for its users to talk about!
Here's hoping they can compete with iTunes, Apple's proprietary platform. I don't see anyone beating Apple for the iPod / iPhone, but it would be nice to have more competition for the content!