With the heads up from the Moth, I headed to Hyrax.fm and requested a beta account. Received within 15 minutes (wow, take a note, Google!). I installed the windows client (looks like Windows-only for the moment, blah) on my work computer and pointed it to the limited (around 12GB ) of music I have on that computer. This is mostly music from my emusic subscription, some recent SXSW downloads, and a few CD rips.
It took a few minutes with the client saying that "All your music (0 tracks) is now available" so that I was briefly worried I'd have to go and enter each subdirectory in my music directory. Nope, Hyrax was making and uploading the index of music to the service before uploading any actual music.
And here's the cool part: even though the music had only started uploading (4 out of 1200 or whatever) I could listen to any track, and the Hyrax client would take care of streaming it from my computer. This is kind of silly when you are on the same computer, but awesome if you set it up, load the client on the phone, and then head out the door while it uploads. You have instant access to your music library, provided the computer is online. And, presumably, anytime access once the large upload is complete.
It appears to be very similar to mp3tunes, with uploading of my music to a locker so I can access it. I haven't had a chance to play with the S60 client, so that part is speculation.
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