It's an unfunny joke that Apple (and other large online music stores) still don't offer lossless files for sale. I know there are some who do, but they typically only offer a very limited selection compared to the likes of iTunes and Amazon. I imagine the music companies might be to blame, but whoever's fault it is, it's stupid.
Meanwhile they sell 1080p video files of multiple GBs. And Apple themselves (I think it was Steve Jobs years ago) have pointed out people tend to re-listen to music more often than they re-watch movies. It makes no sense.
So while I share many of the misgivings about this specific product, at least someone is trying, and maybe, just maybe it will add a little more pressure towards the day where most music is available at at least (proper) CD quality everywhere