This could be pretty cool, considering midis are a format where you can read each note without having to 'guess' them from a wave file. Let alone the BPM.
I have over 10 gigs of modules myself; s3m, it, xm, mod, etc.
It would be really fun being able to play them directly in AS, but I'm quite content with having to simply mp3 them.
Modules support loop envelopes (start at 0:00, when at 4:32, go to 2:46, that sorta thing) which could be.. interesting in AS. You could make a kinda survival mode.