When purchasing any entertainment, I am buying the artistic (taken liberally) process of creating that entertainment and I am NOT buying a physical object.

To some extent, it will work this way for a while. Disc formats seem to be the way our media will exist for many generations of technology to come, and backwards compatibility is trivial. Being the young age I am, I saw DVD like formats on the horizion, and intentionally did not buy VHS movies. I bought my first DVD player at the end of 1998, and began my movie collection from there. Sure, HDVD or whatever will be out in a few years, but I will still easially be able to play my DVD movies.

And I do agree, it should be that you are buying the right to the music, but to a point. You should not get a remastered version for free (IE an existing CD moved to DVD-Audio with the full 5.1 benefits). Same with games. You can buy the right to play a game on a platform, but you shouldn't have the right to then play a slightly better version of it on a different platform. (IE, all the beta testers of Halo on the XBox have no right to the better forthcomming PC version).