It's only been a day since Apple updated iTunes to version 7, but the folks over at the Hymn project have already posted a new version of a program that can be used to remove the DRM from songs purchased from it. It's an updated version of the recent release that worked with iTunes 6.
I confirmed that the new 2.3 version of QTFairUse6 works fine for converting one iTunes 7 song at a time, although apparently the function for batch converting an entire library of purchased songs doesn't work. In order to convert a single song, you'd just drag it from your iTunes Music folder onto the QTFairUse6.exe file and enter "Y" in the DOS command line interface that pops up.
As the conversion takes place, iTunes plays the song in much-faster-than-realtime (it takes 11 seconds to convert a 3-minute song). The converted song is an AAC file with the same .M4A extension it had before, located in the same folder as the original song.
It must be said, from time to time, that the reason for removing DRM from songs is to enable you to make reasonable/fair/call it what you will use of content you bought. This includes everything from remixing a song for non-commercial use to playing it on an MP3 player that's not an iPod (your player will need AAC support for that, or else you can convert the unprotected AACs to MP3s using the handy dbPowerAmp Music Converter).
