The WWDC is coming up on June 9th, and, with it, many people are thinking, will be the announcement of iPhone 2.0, but Apple isn't satisfied with the library of music they are offering, especially when it comes to ringtones. Therefore, they are said to be aggressively pursuing some new deals with major record labels that will allow them to expand that library.
Apparently, part of the issue is that Apple still wants to charge only $.99 for each track, but the labels think that what they're selling is worth more than that. So, until Apple starts offering those tracks for more money, it's going to be hard to get something done.
New York Times.com: Apple Wants More Mobile Music From Labels