Sure you do. I saw this site featured today on WGN Morning News.
It's called Music Plasma - The Music Visual Search Engine and it's very, very cool.
For instance, type in Coldplay (one of my favorites) for a Search of similiar bands, and Music Plasma creates a spherical universe of music.
The closer the bands are to Coldplay, the more similiar their music styles will be. For instance, Radiohead is pretty close to Coldplay. Obviously, the bands are grouped by music type (Rock, Folk, Alternative, etc.).
The size of the halo (representing a band) indicates popularity.
Give it a try to find a band that you might really like. I just punched in Ride (one of my favorites from Oxford) and now have some groups that I hadn't heard of before that I'll give a listen to...