I would love this, but the file sizes would be insane. We'd be talking hundreds of megabytes (possibly gigabytes?) per song. Unless each track was MP3 encoded first, but I'd imagine you'd have trouble mixing tracks together from lossy sources.
Insane ? A standard DVD is 4.7 gigabytes. That would be 6 tracks and it would be ideal for any rock band and we haven't yet compressed the thing with loss (not technically true but you get the point.
