Midem Music Convention has launched Qtrax to some fanfare, or at least mainstream media prominence.
Qtrax has apparently scored digital deals with all the "big 4" , although some American reports are saying something contrary about Universal - Warners.

Qtrak will still use peer to peer sharing but legalize the selections by formatting it through the Qtrak player, which adds in the advertising which is apparently where the majors get their cut.

Qtraks is downloadable application, it don't say if you have to pay for the application but I doubt even these companies could be stupid enough to endorse that.