I couldn't sleep, so here I sit listening to the EMI/Apple press conference:

• Come May, the entire EMI library will be available on the iTunes Music Store, as MP3sunencumbered AACs, for $1.29 each.
• iTunes customers will be able to upgrade their current EMI iTunes purchases to the premium MP3s for $0.30 per item.
• Albums in MP3AAC will be sold at the current prices.
• Apple estimates that over half of the DRM-protected tracks on the iTMS will be available unencumbered by the end of the year.
• To accommodate the multiple pricing levels, users will set a preference as to what quality the user wants.
• Existing iTMS library, with DRM-encumbered songs, will remain.

I must've misseddid miss the bitrate of the new encoding. TechCrunch says 256k.