Sir Paul: Sellout?

There’s an article in Slate discussing Paul McCartney’s appearance in an ad for Fidelity Investments. It’s notable because the cute Beatle was a long-time holdout when it came to cashing in on his songs or image. Until now, it would seem. But Seth Stevenson writes

But when I talk to younger people, the sellout label seems not to exist anymore. They expect TV ads to introduce great new music. They don’t care when Oscar-winning actors turn up in spots for Diet Coke. To them, endorsement deals just seem like a natural byproduct of fame, and nothing to get worked up over.

Though the details of which “younger people” he’s talking to are unclear, I’m not so sure that the idea of selling out doesn’t exist anymore. Personally, I found it somewhat jarring to hear Franz Ferdinand’s “Take Me Out” vamping in the background of advertisements for Sony’s PlayStation Portable… bands who open for U2 notwithstanding, has the term “selling out” really lost its meaning? Or just its negative connotation?