True lossless 24 bit, 96KHz files in DRM-free ALAC format (FLAC would be nice, but this is Apple we're talking about; won't happen) would be beautiful.
I'd gladly move all my music buying over to iTunes if they did this. Currently I buy mostly from Amazon because often they're selling the same tracks 30 cents cheaper than iTunes is.
BINGO... I'm right there with ya!