Wippit is a copyright-respecting file-sharing network that uses Cantametrix MusicDNA technology (now owned by Gracenote), one of a handful of "fingerprinting" technologies that uses waveform analysis and psychoacoustic modeling techniques to identify songs.  MusicDNA maintains a database of fingerprints of tracks that are approved for sharing on the network; only those tracks can be shared among Wippit subscribers, who pay an annual fee of GBP 30 or US $45 for unlimited downloads. 

Wippit tracks downloads on the network and uses that information to compensate rightsholders appropriately.  As such, Wippit is a model for both newer copyright-respecting P2P services that are looking at fingerprint-based filtering, such as Snocap from Napster founder Shawn Fanning, and those who would induce existing P2P network providers such as Kazaa to use the technology to deter piracy.

So, does this development signal the beginning of a rapprochement between the major labels and P2P?  Not really.  Unfortunately, the tracks from both BMG and EMI are not approved for file-sharing at all; they are protected by a DRM scheme -- presumably Microsoft Windows Media, since the service only works on PCs -- which allows limited CD burning and transfer to portable devices.  Furthermore, the EMI tracks are not even available as part of Wippit's subscription service; Wippit is only making them available as individual paid downloads, just as it does on iTunes, Napster, and other such services. 

For its part, BMG would be using this arrangement as an occasion to experiment with pricing models, not P2P distribution.  The idea that Wippit subscribers can get non-expiring downloads for an annual subscription fee is novel in the industry.  BMG will undoubtedly be looking at how much actual revenue per user this model brings them compared to the simpler revenue models of the pay-per-download services.