Disclaimer: I'm using iTunes 10 right now. Make of that what you will.
There's a lot to hate about Ping, mostly that it's what I like to call a "Potempkin Shopping Village of the Damned." It's there for little more than to allow people to show off their musical tastes and share with their friends. The fact that once you've shared a favorite song with your friends they can listen to a snippet and buy it on the spot <sarcasm class="eyeroll pshaw">is purely coincidental, I'm sure.</sarcasm> It's using the concept of "social networking" in a way that's so utterly cynical it's shocking, and we've got some primo cynics around here.
So yeah, evil evil evil. Insert as many "fanbois" as you think are necessary after that. (If you stick in two or more "gay"s, though, you're projecting.)
But then, as crovira points out, there's that bit where Mr. Jobs mentioned "discovery." That's the tilt. It's also where Ping could redeem itself if the users are judicious in its application. Yes, Lady Gaga and U2 and Yo Yo Ma and Katy Perry and Linkin Park and U2 (apparently, Apple really likes U2) are featured on the front page in their own box. Think of that as the sponsored advetising. The really important box is on every user's profile page, in the top right corner. This is where each user gets to recommend ten songs that exemplify their own musical tastes. Click one of those, a pop-up comes up allowing you to sample the tunes on that album, go to that album's page, buy it, review it, etc. In that space, artists like Voltaire, Abney Park, and Lemon Demon can go toe-to-toe with the likes of Roger Waters and Madonna, and could even win.