Mercora’s latest streaming audio service is called M and has a lot going for it but suffers something of an identity crisis. It sits squarely between narrowcast music, such as might be found on XM or Sirius satellite radio, and competitors from Rhapsody, AOL Radio and Yahoo. The idea is that you subscribe to the service for $50 a year and can listen to whatever music channels you want, along with your own MP3s, wherever you are.

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