Coda.fm
It all started with a tweet.
Coda.fm might have been born by the creators having full access to my dreams. A shockingly clear-cut site offering full album torrent downloads with promising WEB 2.0 integration.
So far there's no advertising. Users can register and upload their torrents. All Coda.fm does is tracking these and organising the uploaded materials in a very tasteful and user-friendly environment.
Legally Coda.fm cannot be held responsible for piracy. Torrent files themselves are not illegal, no matter how certain entities would like them to be. Nevertheless the site's activity can be perceived as aiding and abetting piracy. They will surely have a hard time with RIAA and alike. But everyone downloads things. Record companies have a better chance in turning back time than stopping downloading.
Anyway, Coda.fm - simple as it is - could do with a few advanced features, like a more extensive search: I'd love to be able to find all albums in a lossless format. Or a better Last.fm integration, letting users sign in with their Last.fm account and offering them albums based on their listening stats.
But so far so good, and since the site has only started a few days ago I am fairly certain new features will be added in the near future.