I thought it was pretty cool. A step in the right direction at least. The streams sound fairly good.
Hopefully the future will offer a combination of internet and conventional technologies. There should be no reason not to offer both a physical CD and a download option. The thought of losing the whole packaging art form seems tragic to me personally, hopefully we won't have a generation of kids who don't know what an album cover is. I also think CD packaging needs to step up to the plate; stochastic screening, hand made papers, hexachrome perhaps - give people a good reason to own something besides a 99 cent disk file. And if it were me I'd go even further and offer either vinyl or a CD in a 12" sleeve.

This 50/50 business model looks good for less "popular" artists to get exposure for their recordings, for better or worse. Also the site design is simple, not as crammed with clutter. Nice. Now all it needs is more bands.
(you might wanna fix the typo in the URL link cjr)