Well I've never come across an iTunes LP, and I don't think it's something I should be looking for, it should rather find me, just like everything else that's similar does on iTunes. I never really liked the idea, I mean the internet contains far more information about any band than you can imagine, just have a look at the band's website, it's already a cool experience and they all have one. The point of the CD and Record leaflets was to get extra info to fans, but it's no longer needed. If you want lyrics, artwork, videos, special stuff, just Google it and you have it on thousands of websites simultaneously. I can see why no one is really motivated to make iTunes LPs separately, there isn't really a demand for it.
I mean okay, it's more convenient to have all that in iTunes automatically in a neat interface, without having to go through websites that only offer ringtones and stuff. But it's fairly easy to get access to all of that info if you care.
But I don't think it's really a big deal if this LP thing doesn't work out, it's not like you have to pay for it...
Oh yeah and about AAC: I like to burn audio CDs for my car CD player, since I hate listening to the radio. My CD player allows for browsing the CD in subfolders, something iTunes doesn't burn. So I have to use another program to burn the CDs, therefore I have to go through the hassle of Right Click on song in iTunes > Show in Finder > Open File with some audio editor > Save it > Burn THAT onto the CD, for each song I buy, since the car CD player only reads MP3s. The best workaround is to download the songs again from LimeWire and they're in the MP3 format already. But it's a pain! I don't care that AAC is better quality, just like the Mini DisplayPort: It's not compatible with anything!