Moving away from the NoteUSD collateral model is quite a positive development, in my opinion. Under a collateral model, there would have been no guarantee that people wouldn't just move their noteUSD into BitUSD for increased safety or liquidity. Under the new model, the value of the underlying blockchain units (i.e., notes or their successors) now derives from the usefulness of the service to its users. If the service is really valuable to artists, listeners, scouts, traders, etc, this will naturally lead to high transaction volumes and create substantial value for the underlying blockchain unit holders. More importantly, the blockchain unit holders have control rights and thus get to set a revenue or fee model that will lead to the best mix of growth and long-term value. In essence, the new transaction-based model keeps BitShares and the music/entertainment blockchain largely separate and allows each to focus on what it does best.