Mike I think we've all since taken the time and got to the point where we've all worked that much out by now. There's a list couple of posts up outlining the differences between AAC and mp3.
Thing is we have to live with it just now if we want our music to be disseminated over those existing networks as saleable items in that market.
I'm not using iTunes as a distribution option nor do I buy music from there, therefore it isn't a concern I have personally. I encode to flac to save space for my portable players.
There is no need for anyone to adopt a lossy codec anymore, like you say nobody is counting the cost in bandwidth terms when it comes to streaming HD video, the amount of extra bandwith required by any lossless audio codec over a lossy one is negligable in comparison.
Currently though the reality is AAC for the majority of digital audio downloads do you reckon that you or I are going to be able to change that any time soon?
You alluded to the fact you enjoy entering mp3 tags more than writing on a cassette case, thank goodness we're still not having to listen to cassettes.
Many of us have also reported barely discernable differences given a high enough bit-rate with current lossy formats. Those formats are pretty useless if you want to do any further processing though, maybe that's the reason major corporations like them better.
Music consumers on the whole aren't complaing, quite rightly as there is little for a consumer to complain about in actuality with regard to the product, and the politics of corporate business practices is left out of the equation.
The guidlines show how content creators can produce the best possible product on the format is all.