Apple announced its involvement in the packaging concept known in the record industry as "Cocktail," where you can buy an entire digital album including its liner notes and artwork, in a package that's reminiscent of an old-fashioned LP.
You remember "record albums," don't you? Okay, if you're not old enough, kiddies, years ago, record companies tried to get you to buy songs by the dozen, packaging them in vinyl records with a handful of songs on board.The paper sleeve for these plastic disks were festooned with lots of pretty pics, along with words and stuff. Some even opened up onto an actual album-like book, and often contained two of these strange disks.
iTunes LP is an electronic attempt to mimic that, where you get a cool-looking album cover, pages for each song with lyrics, lots of photos presented like you would see inside an album, and hey, writers, you'll like this: liner notes make their return. It looks like a gorgeous implementation, but whether it gets people to buy more music remains to be seen.