Now that I'm a disgruntled ex-eMusic customer, I've been playing around with other music sites. Via the enigmatic Bankai, I was introduced to thesixtyone, and it provides some of the things I dream of in a music economy. Most notably, artists actually get most of the money.
On thesixtyone, artists sell their music directly to their fans. Unlike a record or distribution deal where they only make $1-2 per album (if they ever get paid, that is), artists on thesixtyone make at least $7 per album and are paid every 30 days -- no wait for recoupment and no complex royalty schemes!
The site is attractive, relatively easy to use, under active development, and slightly buggy. They seem very responsive to bug reports, so I'm confident things will get better and better.

As individual artists rather than labels upload music, the music selection is nowhere near as wide as what was available at eMusic (I spits on the Sony deal). But I've still managed to find quite a bit of stuff to enjoy, my current favourite being thecitylights. You can "heart" music you enjoy, and if the song becomes popular (hearted by others) you get reputation. They've also got a clever "Quests" system, things like "listen to recently uploaded music", that earns you hearts and reputation. I'm finding it slightly addictive, though I'm not really sure what you do with reputation.
thesixtyone has a Flash music player, and lets you navigate around the site and the music keeps playing, which is great. Unfortunately, it does this by intercepting clicks, so that the URL doesn't reflect where you are in the site, so you can't bookmark things directly.
Music can be bought with a credit system. I haven't bought any yet, and I'm not sure what the pricing is, so we'll see how that compares to other sites when I do.
Overall, I'm hopeful thesixtyone will be meeting at least some of my music needs for a while to come. Go and sign up and play around, and tell them michaeltwofish sent you.