In some ways the new way of doing things gives musicians way more choices.
For example, not every musician wants to (or can) go out and tour to promote their album. Not every musician wants to make a whole album.
Back in the "old days", you got a 3 or 4 album deal and you (a) had to record/release the albums within x number of years, and (b) had to tour, do press interviews, or anything you were told to promote it. There were limits on who you could work with, what remained your IP - in a lot of ways, you were selling your soul.
Nowadays, you can either just put it out there, or you can promote it however you see fit. You might want to gig locally. Your band may be split up across the globe, so you may want to use social media to promote it.
But the new way of doing things not only makes your music more immediately accessible, it also makes the musicians more accessible to the fans. There's a bunch of up and coming independent artists who regularly do live video casts to their fans, chat with them on facebook or on forums etc.
This is fantastic for some of us that have families, or full time jobs, or anything that stops them from touring. There's no time pressure on getting your music written. There's no $1,000,000's right away, but then there's no advance to be paid back.
Now we can still get our music out there and with a bit of self marketing effort, get it reaching a good number of people, and hopefully at least get our music to pay for our gear!