Waste of effort
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To understand how colossally media companies are screwing up their approach to digital music, movies, and downloads, read Jack Kapica's article in Globe Technology (despite its almost criminally long and complex Web address), via Doc Searls.
I am in the process of converting my entire collection of more than 200 CDs into MP3s on my computer. It will take days, maybe a couple of weeks, and consume (probably) more than 20 GB of space. It is, incidentally, entirely legal -- but record companies would prefer it were not. That's why you can't very easily convert a DVD (technology developed more recently than CDs) into digital video to watch on your computer, or even transfer it to videotape, even though, for your own use, that would be legal too.