I did a radio show for two years, and all the recommendations on this page are a great way of finding music, but by no means are they better than just reading interviews and articles on your favourite artists, find out what makes them tick. Heck, go to a concert at your local (smaller) venue and chat with the band if you liked what they did.
That was always the best way I found music, lots and lots and lots of research and discussion with like minded people, mostly at shows.
... at least until www.last.fm came about. :) This, in my opinion, is the best way to find music that's in line with what you listen to. It takes what you listen to and finds people who listen to the same thing. It then finds out what they're listening to that you're not. Yes, you have to feed it your listening record, but once you've done that, your life won't be the same. I don't know why it's so neglected.
In fact, I always thought this would be the best way to run HN. Take all the articles I've upvoted, find people who've upvoted the same articles, look at what they've upvoted that I haven't and show me THAT on the main page.
The main problem with a HN for music is that music is too subjective and immeasurable. In hacking, you can argue stats, performance, visitors, etc. Music is different. More people listen to Brittany Spears than North of America, she also made more money, but there's no fully logical way to argue why she sucks. It's all a matter of perception and emotions. You can't wrap a webapp around that, nor can you get a group of people to agree on what's good and what's not because tastes vary so greatly.