Apple today implemented flexible pricing on songs sold at the iTunes Music Store. Based on a music artists popularity and the wholesale price the record companies charge for a particular song, songs on the store will either be $0.69, $0.99, or $1.29. The most popular artists will most likely have their songs be $1.29 per song, with the least popular ones going for the low price of $0.69. Most albums should still be $9.99.

The up-side is that 100% of the songs on the store are now DRM free and encoded at 256Kbps, which can easily be converted to MP3 for use on non Apple devices and media players. Please remember that the iTunes TOS does not allow illegal distribution of music you buy at the iTunes Store.

Sources: LA Times, MacRumors.com, Engadget.com, Apple

Whoa, hope the price doesn't go up any more then that, course I'm sure it cost more then that to make the songs. XD
I'm happy they're easy to convert, it used to take forever for me to use movie maker cause of that fact. :)