What a fantastic opportunity for the record labels to offer even LESS of a product to the consumer for the same amount of money!  Isn't this great, I can buy a computer file for a buck!  Woo!  Oh let me guess, I'm supposed to burn my own CD-R backups of these right?  Gotcha.  Do I get to print my own inlays too?  Fantastic.  I love this idea.  I bet you get awesome file names too like:
001248605DKrall_look_of_love-02.mp3
078934300NJones-ST-06.mp3
04560-Barber-Patricia_brush_snare_slamdance_-03.mp3
Where do I sign?
In theory it's a cool idea but here's what will probably happen:
*You'll only get major label releases
*No rare, out-of-print stuff
*You're still paying $17+ for one lousy album, which is the RIAA's whole problem in the first place.  Now I'm not even buying a physical product and you STILL wanna put us over the barrel for it?  No thanks.  
If you can upload the whole record straight from the mastering house to a FTP site in about 10 seconds,  bypassing the entire packaging and distribution chain I ain't paying you a buck a song thanks very much.  Sheesh!
To paraphrase Bill Hicks: "How far does the RIAA's d*** have to be up your a** before you realize you're being f*****?"