Brian,
Your statment, The only thing missing is for the Major Labels to release their songs for this to be "any song, any time", streaming.
Unless the Label is also the copyright holder they don't have the right to grant this license. Only the copyright holder can license public preformances thru a PRO. Pro rates at present are 12 cents total payout in the top 25 percent of radio markets and 6 cents in the bottom 75 percent of radio markets. Unless a Publisher has a clause in the Publishing contract, most unlikly, allowing this rate, one penny mentioned by Mr. Laskow, the Publisher would have to negoiate a seperate agreement with the songwriter(s) for this to happen. I know Congress had hearings about download rates but I don't know what the final outcome was.

BMI allows seperate agreements to be made outside the normal collection method as long as they are notified as mentioned in their handbook concerning royalities. Yes it would be nice for the Publisher/Songwriter to collect every time a song is played instead of the system the PRO'S use now.

Ray E. Strode