GMSV has a nice article about P2P on mobile phones.
"Nor is it surprising to learn that the recording and ringtone industries have already labeled any technology that allows us to transfer music from our computers to our phones as the biggest threat facing the developing mobile music market. "People will just take the CDs they buy from Woolworths, rip them to MP3 and transfer them to their devices," said BMG's Jon Davis. "For the handset to then pop up a text offering to convert it to a ringtone is a real danger.""
Hah! I recently bought a Nokia 6230 so this is already a reality to me.