As noted below, Apple has finally cut a deal with the remaining major record labels to remove DRM from songs sold in the iTunes Store. The major concession? Steve Jobs had to cave on his long-standing insistence that all songs cost 99 cents.

Now, Cnet is answering the question of what people can do about the DRM-encased music they already own.

Users of iTunes can now upgrade their music libraries with a click of a button. For an additional 30 cents per song, a user can receive a DRM-free version of their existing tracks at a 256-kbps bit rate.