It's hard to put your finger on what Indie is these days, because as you say most labels are owned by the majors now anyway. I was never into Madchester and all the casual/baggies and I couldn't have cared less about Blur Vs Oasis but I was into 7" Singles and tapes and going to gigs of bands I'd barely heard of before and watch them develop into something much bigger.
I had a big thing for the 4AD record label as well
