This is the most insightful and accurate post thus far, IMHO.
Obviously, we are all a little torked by having to essentially repurchase something we already have. But as far as the rights of the artist/copyright holder go, they license their intellectual property under very specific terms and conditions. If they say, "we give you permission to listen to our intellectual property for your private enjoyment, but you'll have to pay extra for ringtones, which are essentially public performances of our work", then you have a choice--agree to the artist/copyright holder's terms, or don't buy their music. Write your own.
Or, if you are unethical, just find a 3rd party ringtone ripper, violate the terms of use as established by the artist, and screw him/her/them out of their absolutely legal and just compensation.
Apple is not the money-grubbing arm-twister here. To have the works of all of the major-label artists in their sizable catalog, they are absolutely compelled to do something like this. Appple is constantly having to strike a balance between end user use rights and artist/copyright holder rights. The 10-burns-only of a single unaltered playlist is an example of these sorts of compromises. So is a ringtone fee, unfortunately.
Of course, this goes back to the fundamental issue: the completely immature, selfish attitude of "it is my God-given right that anything my ears can hear should be in my iTunes Library."
You ringtone pirates all must have a great deal of contempt for the musicians you listen to and routinely steal from. It is NOT a victimless crime. And it IS a crime.
And no, I don't work for the RIAA. I am a recording artist on iTunes. I get $.59 for every download. I am the face of this "victimless" crime you evidently have no proplem perpetrating.