You may know by now that Last.fm was recently bought by CBS. I confess to being quite a late adopter of the service, even though I had heard about it many times before. In my case, when I was working, I didn't have time to listen to music on my PC so often, and when I started studying my internet connection was really bad. Now both conditions are set, and I've started using last.fm (my profile here).
The whole idea of the service is very simple: just continue listening to your music, and we'll make a profile. With that information we are able to show you other artists that you might like, connect you to other people that share your musical tastes, and even allow you to stream the music you like in your webpage, blog, MySpace or Facebook profile. You can even look for concerts near your area (I've found a couple I didn't know about that I'm now planning to attend).
There are a couple of things that I haven't yet found out how to do, that bother me a little. The first one was just adding all the times I've previously listened to a song in iTunes before adding the last.fm application, as I think that would have helped to build a much more accurate profile. The second one, which I believe is possible but haven't yet tried, is adding (scrobbling) the tracks played in my iPod.
If you listen to your own music often and would like to find more, this is really worth trying.
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I've only just "rediscovered" last.fm myself. I've never really been smitten with it, but I'm going to give it another shot. Hm. We'll see.