Basically it's like an instant online iTunes. There is a free product available to those who aren't going to be phased by two minutes or so of advertising every hour. A small price to pay for unlimited access to bona fide music from all the big record labels, missing only a smattering of very recent tracks and, sadly, courtesy of a very random search by me, Every Loser Wins by Nick Berry. Bit of an oversight that. The video is below for anyone badly affected by the omission:
The site is currently in Beta, and available for free by invitation only. I believe the pay model, which involes a daily rate of 99p or so and a more expensive monthly rate, both advertising-free, is open to everyone.
There's a Spotify Blog to keep you up to date on developments and it has been picked up by various Bloggers such as the David Report.
There is also talk of an iPhone Application which would be superb.
Related posts: Last.fm iPhone app - where have you been all my life?
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