I think Record Rescuers
may be a closer comparison than MP3.com. You send Record Rescuers your vinyl record, they convert it to a CD. According to their site they've been around since 1997 (I believe this is true as I remember them from when I was looking for ways to convert my own vinyl years ago). Evidently no 'cease and desist' yet - maybe they're just too small for the record labels to worry about.