http://www.fistfulayen.com/blog/?p=127

The money quote:

I’m here to tell you today that I for one am no longer going to fall into this trap. If the licensing labels offer their content to Yahoo! put more barriers in front of the users, I’m not interested. Do what you feel you need to do for your business, I’ll be polite, say thank you, and decline to sign. I won’t let Yahoo! invest any more money in consumer inconvenience. I will tell Yahoo! to give the money they were going to give me to build awesome media applications to Yahoo! Mail or Answers or some other deserving endeavor. I personally don’t have any more time to give and can’t bear to see any more money spent on pathetic attempts for control instead of building consumer value. Life’s too short. I want to delight consumers, not bum them out.

Now let's see if Yahoo! backs him up...

http://www.apple.com/pr/library/2007/04/02itunes.html

About freakin' time.

Personally I think that the price is too high for individual tracks, but I will almost certainly upgrade all my existing iTunes tracks to the new format just so that I no longer have to do the DRM dance when I shift machines, etc. And the added quality is definitely a bonus.