Where can I keep track of all my favorite artists and their new releases?

Purevolume.com

Here’s a couple more: http://www.rollingstone.com/
http://www.allmusic.com/

Also ticketmaster will let you do just as you suggest except they alert you when the artists are playing locally, not CD releases. Here’s the link: http://www.ticketmaster.com/

This doesn’t really help but I would look at http://www.iconcertcal.com/.

It is a iTunes visualizer that asks for your zip code and then tells you what bands in your library are playing near you and when. It has alerted me to tons of shows.

And I have used it for a year or so and it hasn’t caused any problems.

myspace is good for this.

@john
I love you – I just found out some of my favorite bands are coming that I never would have known were coming otherwise :D

obviously http://www.ilike.com/

i use ilike.com, too – it is great for new releases, concert updates, etc etc