Another band website on a very limited budget (aren't they all...), we spent our time (and their money) working on making a CMS where the band and record company could update all the crucial content. The band asked for "More text, less Flash" and seeing as that is one of our specialities, what we came up with kinda exceeded their budget, but we think they'll get a lot of use and value out of it.
We made it so that the front page packs in as much up to date content as possible so that the viewer can see everything at a glance, linking to the detailed content in the supporting pages. Kinda like a tidier, simpler version of MySpace but without the Web2.0ô jizpokery.
We added a simple Flash MP3 player so that the label could preview new tracks off their latest album, all administrable through the CMS.
That's what we like to do, make a whole updatable site and then let the band get on with it. Power to the people!