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This attack vector was used by Dropship to transfer files across Dropbox accounts (Ref: http://razorfast.com/2011/04/25/dropbox-attempts-to-kill-open-source-project/), but the implications were minor since, from a security perspective, the attack was on a fellow user. Here the attack is on the iTunes system as a whole, and enables you to download songs that you have not purchased and have not ripped or downloaded.
I can already imagine networks popping up where people share their audio fingerprints.