Only, tracks purchased from the iTunes Store can be turned into ringtones, but it will cost you an additional US$0.99. This offer might not attract many customers, but it is probably linked to broader agreement between Apple and Music Majors which earned lot of money buy selling ringtones, via dedicated websites, or mobile phone carriers. It could be interesting to ask artists what they are thinking about such policies... not even sure they receive part of the huge profit generated by ringtone sales...
In addition, many applications already allow you to generate ringtones from your iTunes library, so this offer really appears to satisfy Majors than to bring additional financial input for Apple.
