How's this for a solution?
There could be restrictions imposed to say that the only music that is legally shareable would be that of a lower bitrate, i.e. 96kbps. This way, us sharers would still be able to swap music legally, but we'd have to buy a CD if we wanted the higher quality stuff, and the record companies would profit off of that.
Of course, there would probably still be underground sharing of higher-quality music for those of you who *crave* 192kbps, but it'd be nice to have some way to exchange this stuff and still be in the clear legally.