MOTM

Although I would never consider MP3s as a substitute for a lossless 
medium such as a CD, (remembering of course that much recording is 
done at 24 bits, so it's somewhat questionable in this day and age 
to actually consider a CD as lossless,)  MP3s are great in some 
applications.  They are great for listening in your car, where the 
noise floor is often so high that the losses are unnoticeable.  They 
are also a great format for portability.  I listen to my iPod often 
while away on business trips, etc.  I also often listen to CDs in 
MP3 format at the office, where I'm too busy to listen critically 
and really can't devote the attention to listen critically anyway.  

MP3s are also a great promotional tool.  I often listen to MP3 clips 
online before deciding to purchase a given CD.  When the music 
available on radio is so limited and even XM doesn't provide that 
much of the kind of music I like to listen to, previewing new groups 
in MP3 format is definitely preferable to buying a CD without ever 
hearing anything on it.

For instance I bought a CD from listmember Eric Frampton's group 
Agent Cooper because I liked the MP3 sound clips online.

And, like it or not, most of the listening public cannot even tell 
the difference between an MP3 and the lossless version it came from.

Any alternative to mass distribution by the few remaining record 
companies is certainly welcome.