Overall I think that music streaming services were probably the best services for switching platforms, and this is a blow that is surely gonna damage that reputation for me. Compare that to other markets that offer something similar (like ebooks or video streaming) where there's absolutely no chance for you to retain even 10% of your library if you decide to switch, so services like Songshift make no sense in those fields.
Having just three major music publishing conglomerates is both a blessing and a curse.