The Financial Times is reporting that Apple is in discussions with the recording industry to provide “all you can eat” music downloads to iPod and iPhone purchasers through the iTunes outlet. Buyers of Apple’s already-overpriced gadgets are expected to have the option of paying an additional projected $100 lump sum or an $8 monthly fee for the musical smorgasbord. Users would then be allowed to keep 40 or 50 tracks a year, even if they changed their subscription status.

Apple’s new business-model is likely to become the second attempt by Big Music to get back what illegal downloaders have taken from it, as after the utter failure of DRM (Digital Rights Management) several legit unlimited P2P downloading services have struck deals with major labels. Most notable (or maybe “infamous” would be more accurate) of the legal P2P movers is Qtrax, who claimed in January to have deals struck with EMI, SonyBMG, Universal Music Group and Warner Music Group. Qtrax’ claims were eventually exposed as over-exaggerated, but the fact that they had been even close to such agreements indicates the biz’ eagerness to find new online sales outlets. The lack of reliance on ad-support is what makes Apple’s proposal interesting, as advertising has long been the big brother of free online content.

While neither the legal P2P proposals nor Apple’s buffet approach are likely to take a significant byte out of BitTorrent’s big piece of download-pie, they both have a significant advantage over the DRM fiasco in that the model is something that users are used to and will likely stomach as a legal alternative to the illegal convenience of Torrenting.