DRM Dumpster will allow you to remove the digital protection from your DRM tracks in iTunes.
Although it looks like DRM will probably be abandoned in the future you may still have purchased DRM tracks in the iTunes Store.
You might want to remove the DRM so that you can play these tracks on any device and make your own copies. The simplest way would have been to burn them to a CD and rip them to an unprotected format, which can be a bit of a hassle.
DRM Dumpster takes tracks in groups of 10 to 20 and automatically removes the DRM without you having to worry about it. It automatically goes through the protected tracks and performs the erase/burn/rip cycle for you, saving you a lot of time and effort.
DRM Dumpster still remains pretty expensive, with a current price of $40, given that it only performs one specific action. Also, we found that the trial itself doesn't even let you try out removing DRM from a track, so you're basically forced to dish out $40 to see how it works.
DRM Dumpster is limited to iTunes, which is a bit of a shame as you might also want to remove the DRM from protected tracks bought on another website or stored elsewhere.