Ringtone functionality in iTunes now activated: iTunes Ringtone Editor hands-on (Updated)

After many iPhone hacks and applications from the hacking community, Steve Jobs as you might know has finally announced during Apple's special event yesterday that with the new version of iTunes you will be able to add custom ringtones to your iPhone.
Though we had some details on how it will works, thanks to the blogosphere I now have a screenshot and YouTube video to give you a low down on how well it works.
As you would expect from Apple, the iTunes Ringtone editor seems very easy and convenient to use. So this is how it works? With the new version of iTunes, there is an additional column which will have a little bell against a song to indicate that you can add the song as a ringtone (as seen in the screenshot below). I guess due to some copyright issues not all songs are available as ringtones though you will still have around half a million "ringtone ready songs" to choose from.
In order to activate the iTunes Ringtone editor you need to click on the bell, you then can select the length of your ringtone anywhere between 3 to 30 seconds. To give your ringtone a smoother sound you also have the fade-in and fade-out options. You can also insert gaps in between repeating loops. After selecting these options all you need to do is slide the time segment along the length of the song to decide the portion of the song you like most as your ringtone.
You then need to click the Purchase button so that the ringtone gets loaded onto your iPhone next time you sync. As you would already know by now the cost of adding custom ringtones is an additional 99c for a song you have already bought from iTunes or $1.98 in case you don't have the song (99c for the song + 99c to use it as ringtone). Multiple ringtones can be made from the same song, but they still cost $.99 apiece. You should also be able to add the custom ringtone as your default ringtone or assign it to your favorite people on your contacts. Please note that Steve Jobs had mentioned that this feature will be turned on next week.
The iTunes Ringtone maker is indeed very user friendly; I guess its a given when Apple launches a feature or a product but it comes at a cost. I had carried out a poll yesterday to find out how many of you are willing to pay the additional cost to Apple for a ringtone; an overwhelming majority of readers have voted that they will use the free iPhone hacks like iFuntastic and there were more readers willing to buy iPhone applications like iToner and RingToneMaker for a one time fee then willing to pay Apple that additional 99c. (see iPhoneHacks.com, Poll: Will you buy a ringtone for 99c or iPhone app for a one time fee or use free iPhone Hacks?)
I have no problem with Apple charging users to add a song as a ringtone; I think most of us expected it, however I am disappointed that after claiming to fight with content owners to get customers the lowest possible price (the latest being with NBC); Apple is charging the same cost as the cost of a song for a 30 second clip; I had expected a fraction of the cost (around 29 to 49c).
However, barring the additional cost of 99c I would tend to agree with folks at Gizmodo, that the fact remains; though there were many who voted to use the free iPhone hacks, Apple with the iTunes ringtone editor has made it possible for an average customer to add custom ringtones to their iPhone; something they have been very successful with the iTunes store even when free MP3s are easily available. Let me know your thoughts in the comments.
Update:
Apple has flipped the switch and activated the Ringtone functionality in iTunes. However based on initial reports in addition to signing a new terms of service, you also need to re-authorize your computer for ringtones so that iTunes Ringtones sync to your iPhone.
Watch the YouTube video below which gives a hands-on on iTunes RingTone Editor (the quality of the video isn't very good though, do send me a note if you find a better one)
[Images courtesy Tuaw]
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