Not only will EMI songs be DRM free, but they will also be available at twice the bitrate of other songs on iTunes. There is a catch though, single DRM free tracks will cost $1.29 with DRMed tracks of the same music (at a lower bitrate) still available for $.99. You will also be able to 'upgrade' EMI tracks you have already purchased for $.30 each. Albums will be DRM free, though they won't charge a premium (hence, most will cost $9.99) and all of EMI's music videos will drop the DRM but remain priced at $1.99.
No word on when these tracks will be available on the iTunes Store (the first to offer them), but you can be sure this blogger will be buying a DRM free album when he can.
Update: Jobs says the tracks will be available in May.