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From Mac Central, today:

Some early users of the iTunes Music Store have been disappointed that the 200,000 songs published so far have been major commercial releases. That's about to change, however: Jobs said that independent music labels want to come aboard the iTunes Music Store and have "already been calling [Apple] like crazy."
While this was expected, it's still good to hear. It's especially good that the labels have been contacting Apple. I think smaller labels have more to gain from this service: there's less competition for shelf space, distribution, etc.