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Apple will argue it's copy protection and they're protecting the labels' property but, given that most (all?) major labels now deal with the like of Amazon's music store and the updated Napster service (ie completely DRM-free mp3 files) and pretty much every other phone with bluetooth allows for file transfers, it's a pretty hollow excuse.
It's like a lot of things with Apple - their last concern is the end user.
edit: anyway, even if you could've sent the files to your mate, he couldn't've used them as ringtones anyway as Apple only let you used one you've purchased from iTunes.
Like I said, the customer is the least of Apple's concerns - hell, even the RIAA argued against charging royalties on ringtones.
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