The music industry is seriously pissing me off. What gets me, is that at the end of the day what matters is the quality of the music. I think there are a lot of great bands out there, but they're not what you hear on the radio. Compare this to the sixties when you could turn on a radio and hear the Beatles, Stones, Bob Dylan, Cream, Jimi Hendrix, Janis Joplin, David Bowie, Pink Floyd. What do we have now? Mainstream is mostly garbage. Why is that? IMO, the music industry.
Free the music, kill the "industry", and you'll start hearing more and more great music. Listen to Radio Paradise, SomaFM, and whatever other great free Internet radio stations are out there, and you'll see the difference.
Even if the music was completely free, artists would continue to make money from concerts/shows, and other opportunities I'm sure (fine, Metallica won't be gazillionaires, but they suck anyway). The only people that will get hurt are people with MBAs and Harvard Business degrees. If you're "into the music", do you care if that happens?