Quote Originally Posted by westcott
No big loss to audiophiles.

As far as I am concerned, satellite radio can disappear with it.

All that promise and they revert to the "quantity over quality" business model.
I have to disagree with you here Westcott,

while the majority of internet radio is highly compressed, at higher bandwidths (128k +) it can sound quite good. Keep in mind that 128k here doesn't refer to the compression of the track, but the bandwidth being used. For casual listening it can sound really great.
Of course, your computer audio set up has to be good too.

Great stations like RadioParadise.com stream at 128k in AAC+, an excellent streaming codec. (you can hear AAC+ with winamp or foobar. note that AAC+ is different than Apple's AAC compression format. iTunes can't stream AAC+)

Internet radio, in my experience, sounds MUCH better than satellite.

Not only can it sound great, but you get an awesome variety of music. Me, i've heard everything in my collection a million times. This is a great way to be exposed to new music.

also try
http://somafm.com/ - free
sky.fm - free at lower bandwidths, 192k MP3 stream for a small subscription fee