You can discover new artists that would have gotten no exposure before. They would have never gotten signed. There would be no checks or MTV appearances for them. But at least they now have fans because they get heard and appreciated. Other file sharing programs are springing up.
Music is now more widely available.
Somebody based out of, say, Austin, TX could have fans in London, Beijing, Missouri, and anywhere else in the world just because they heard the MP3. Music can bring the world together in a sense. Artists everywhere should be very excited considering that the chance of having their music heard and appreciated is now very high. The fat contract is not necessary anymore. The best stuff will ultimately win out, and the Britneys and the Korns of the world will fall by the wayside to rot in a pool of their own mediocrity.