With Radiohead releasing In Rainbows without the help of a record label, will we see the end of the recording industry as we know it?

I for one sure hope so.  It’s about time the recording industry either adapt to our changing world or be overrun by the competition.  Read more about it here, in an article that’s a month old now but still interesting nonetheless.

Here is a list of ten things I think could be very different without big record labels around:
1. More diversity in music
2. Cheaper music
3. More free music
4. More accessibility to the music and the artists who create it (less rock star idolatry)
5. Some bands will not survive without the help of a big label
6. Bands may not have all the fancy websites, T-shirts, and road crews they have now
7. Possibly more smaller shows
8. Increased disintegration and diversification of music (ie. no more Top 40)
9. Less dependance on “who you know” to make it big
10. Probably less artists “making it big”

What do you think would change if the record labels really did become a thing of the past?