Do you have only one iCloud account?

[Broph]

Before iCloud came out, I had my iTunes account (@hotmail.com).. So, all my music has been purchased on that account.

When iCloud came out, I can't remember how I went about it, but now I have my iCloud account (including Facetime, iMessage, and maybe another thing or two I can't quite remember), and my iTunes account on the same phone / computer doing different things... I understand it will be a lot easier & less confusing if I only use one account.... What I'm wondering is:

If I delete my iCloud account, so I have everything on my hotmail account, would I lose all my contacts / photos / iCloud emails?

Would I still be able to use my iCloud (@me.com) email?

EDIT: Reading around more, it seems many have the same problem - still haven't found a solid solution / answer yet.