Although I also looked at the setlist and found that there was only a couple of tracks I didn't have before, I don't believe it is wrong for Yoshiki to be releasing this. All the tracks that featured on EM I and II can't be purchased by fans anymore as the CD's are now out of print. (I'm pretty sure EM II is...)
I also agree with the whole George Martin thing, that was two decades ago! XD
But really, I'm against having this album up for download on the forums at this point in time. Being released on iTunes in the states and soon to be worldwide, there is no excuse not to put the money together and buy the album. Like you said, a lot of the tracks have been featured elsewhere and fans may already have copies, but that doesn't stop you from buying individual tracks (apart from Say Anything). I am quite contradictory in my views on music piracy. I don't feel that there is any harm done with downloading stuff that can no longer be purchased legally in any medium and I also have no hesitations about downloading a album from a Japanese artist to see if I like it enough to buy, (to buy it would be 3 times the amount of buying a CD here for me), but I don't think this falls under those categories yet.
Just my opinion.