I can guarantee it allows the company to see more than that. I bet it scans every music file on your system then monitors everything you listen to and sends everything it can about you back to the "company".
I have no doubt. I seem to recall a big flap some months ago where it was discovered that Apple was hiding specific identifiers in their hosted music tracks that allowed them to determine if the purchaser of the song shared it with someone else.
I would imagine that a "hacked" version of the Qtrax software will appear within days proclaiming to circumvent any spyware functions of the software.
It will be interesting to watch all this play out, if you'll pardon the pun :-)