Yes, iTunes-purchased songs are no longer encumbered with DRM, but don’t think that gives you free reign to put songs on your peer-to-peer network of choice all willy nilly. That’s because, while there’s no DRM to prevent you from sharing the songs with other people per se, the songs still have some of your personal information embedded in there.
What’s the personal information? Your e-mail address, for one. That means if email@example.com bought a song from iTunes, then puts it in his Limwire shared folder, some kid who downloads it from there will have Ted’s e-mail address. That’s not exactly super sensitive information, but it could put off some people.
Remember, just because a song is DRM-free doesn’t mean it’s copyright-free.