I'm not familiar with this iTunes feature that you mentioned, but how is what you described different from eMule, Kazaa and other P2P file sharing apps? Is it the addition of streaming the music, so that you don't have to wait until the file downloads fully before you start playing it?
Or is it the idea of browsing an individual user's library? Because that is possible on some P2P file sharing apps.
Or am I missing something?
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