I have heard of Last.fm, Pandora, and a few other similar sites, but I really think Musicovery is a cool online music tool.
Scribd's iPaper aims to make it the YouTube of documents. Syndicating content is really easy now, but for most webmasters, in the short term, the value of inbound links is far greater than the value of spreading documents onto other sites.
IBM's Many Eyes is a cool data visualization tool.
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