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Kind of sounds like where Sooloos/Linn/Transporter, etc. are heading anyway, no? With people streaming music from NAS?
A number of companies are already doing pretty close to what you describe. I use HDTracks and along with CD resolution files they have a selection of 24/96 files. It's not subscription based however, it's more of an iTunes model with prices per song or album. I play them through my Transporter. It might take awhile but I really think this is where a fairly large segment of the market is headed. At first I thought I'd miss not having a physical CD but that's turned out not to be the case. The music comes with a PDF file with the cover art and liner notes which for me, covers that part of it. Everything is backed up in two different places, once by Time Machine on my Mac and another that I just physically drag to an external drive from time to time.