Like many people, I’m a casual musician that likes to compose and play music and share it.
Being a software developer by profession, I’ve been using the GPL for my software releases for years. I decided to hunt around for some type of equiv license for my audio and came upon the EFF’s Open Audio License.
Are there other licenses similar to this? Anyone know how well this protects the rights of the artists?
It has no legal standing, if that’s what you mean. If someone violates it, you can’t do anything under the license to stop them. Since the user has not signed off on it, you probably couldn’t enforce it anyway (look at paragraph 4).
You can, however, sue under general copyright law. For that reason, the entire exercise is redundant. Nothing in copyright law prevents you from allowing your work to be distributed freely on the Internet if so desire, and doing so does not mean you’ve given up your rights to it. They would be protected with a simple copyright notice.