Mac Rumours is reporting that Apple plans to charge users 99cents to convert MP3′s into a 30 second extract for use as ringtones. The scary bit is

Reportedly, the new version of iTunes will allow you to convert any song that is available on iTunes into a ringtone with the “Make into Ringtone” feature. The cost for this service is $.99. It’s not clear, based on information available, whether or not CD-ripped songs can also be easily converted or this is specifically an iTunes Store feature.

I’m hoping Apple has seen the light and allows users to sideload their own mp3′s as ringtones.