In an article for the New York Times (free registration required), David Pogue discusses iLife '04 and looks at the GarageBand component. He says:

It won't be long before the GarageBand creations of no-name singers and players start popping up on Web sites - indeed, it won't be long before Web sites start popping up just to accommodate them - bypassing the talent scouts and gatekeepers of the American recording industry. GarageBand and the Internet give tomorrow's stars their own democratic recording and distribution channels.

That prospect of new artists growing from grass roots is probably what inspired Apple to name the software GarageBand, abandoning its lowercase i naming tradition. But when you consider both the fledgling state of the 1.0 version of this program and the immense musical and commercial forces it could one day unleash, you might conclude that there is, after all, an i-name that might have suited this remarkable software: iPotential. Breaking down the barriers musicians face, in light of the way the recording industry does things, would please me to no end. It would be great to see the next Yo-Yo Ma or Eric Clapton emerge from the shadows, thanks to what they can do with something like GarageBand or its higher-priced, better-featured brethren. Any day you can get your product to those who would listen, without having to go through the labels' convoluted process, licking the heels of record execs, is a good day.