It's a means for Apple to try to sell more songs via iTunes. Seriously, I'm not sure what other use it has at the moment beyond that. Interface is horribly limited, there's absolutely no option to build real "favorites" lists to show off and promote music, and it does absolutely no tracking like Last.fm or other options.
At this point, it's basically a Twitter stream where you can link to the songs you like, if it just happens that those songs are up for sale in the iTunes Store.
WARNING: This post may contain violent and disturbing images.
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