I'm going to take it as read for this post (and probably hereafter) that the music companies are finished. In my opinion we've had that debate and it's done. They capture value but create none; the deal they used to offer artists, where the company bore up-front reproduction and marketing costs in return for a (hefty) slice of future profits, no longer makes any sense at all from the artists' point of view; and the thing from which they captured value, the once-scarce reproduction of music, is finished.
When they finally get around to folding the things, though, we - as online music consumers - are all going to encounter a serious problem. Because one of the few remaining assets the receivers will have to sell off is the companies' "right" to sue people who have used p2p file-sharing networks to share the music those companies once owned. That "right" will get sold off to the highest bidder, and I think it's pretty safe to predict that the highest bidder in each case will be some sort of parasite organisation that looks a lot like a patent-trolling (or EULA-trolling) outfit, formed purely to extract the maximum revenues from buying up the right to sue the ex-consumers of a dead industry's alleged IP.
So one idea I'm toying with right now is that it would be far cheaper for almost anyone who has used a file-sharing network to try and come to some sort of settlement, provided it was reliably "full and final", with the RIAA or local equivalent now rather than after the industry finally splutters out its last. The industry as it currently stands appears to still have some hope that we are its "customers" - that we might one day go back to paying it for the chance to get hold of things that are in fact now infinite in their supply. One day soon, when both that hope and the industry behind it dies, we'll be dealing instead with IP holders who have no agenda whatsoever but to extract every penny possible from us through the courts. So maybe - and I am just saying maybe - the prudent course, for people who get the offer, is to settle now.