Fairtilizer, has some really cool music on it, and it functions as a sort of neutral ground for artists, labels, fans, and media. But what really strikes me about the site is the design. It has a classy bold, yet minimalist style - very easy on the eyes.
As far as musical selection goes, they have admitted to the narrow breadth of appeal, musically, but if you're into elctronic and indy music, you'll certainly be able to find something worth listening to.
Functionally, Fairtilizer provides a platform for independent artists to host and promote their music, or for labels to do the same, collectively, or establish a brand.
There are a few improvements that need to be made, but what I think really remains to be seen is how well the news feed type functions scale when the amount of material increases.