Hugh Pickens DOT Com writes "Jose Pagliery reports at CNN that the 68-year-old rock star unveiled his startup, Pono, at the South by Southwest festival in Austin, Texas raising $1.4 million in a single day. Young has developed a portable music player that stores high-resolution recordings and promises to deliver all the delicate details that get chopped out of modern-day formats, like MP3s and CDs. 'Pono' is Hawaiian for righteous. 'What righteous means to our founder Neil Young is honoring the artist's intention, and the soul of music. That's why he's been on a quest, for a few years now, to revive the magic that has been squeezed out of digital music.' With 128 GB of space, the PonoPlayer can carry about 3,200 tracks of high-resolution recordings while an MP3 player of the same size can hold maybe 10 times that many songs. Young says the MP3 files we're all listening to actually are pretty poor from an audio-quality standpoint and only contains about five percent of the audio from an original recording. But isn't FLAC already lossless? What makes Pono better?"