While it is, perhaps, laudible that Bram Cohen, the inventor of the BitTorrent format, has gone legit, I somehow doubt that a service that doesn't even let you own the media you pay for is going to be successful, especially in the face of iTunes.
Plus, he's going to have to deal with the multitude of bittorrent traffic blockers that are out there nowadays. If his content gets through, the illegal content gets through, so no matter what happens he's going to have difficulty.
The worst aspect, though, is that as far as this article implies, the only media player that will play his files will be Windows Media Player. Those who, like myself, swear by third party media players will be out in the cold.
Good luck, Mr. Cohen. You'll need it.