One of the developers at Platinum Games has put up a blog post discussing music used in MadWorld. There are a total of 20 tracks used, all of them original pieces of work created for the game. Among the artists are:
Names you haven't heard before in all likelihood, I know I hadn't. All of the names above have Myspace pages, some of the tracks are shown off in this video:
The soundtrack CD is available as a free gift when you preorder MadWorld from certain stores.
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Wii's World is not officially affiliated with Nintendo! (but they wish we were).