Even better, all the music iTunes matches plays back from iCloud at 256-Kbps AAC DRM-free quality even if your original copy was of lower quality.
I've gotten use to Spotify's 320Kbps streams, and it's definitely better than Apple'ss 256Kbps downloads, but I'm ok with 256Kpbs coming from the cloud as a way to greatly cut down on the amount of music I keep on my phone.
I still really, really wish Apple would support 24bit/96khz audio formats. Not much of the music I listen to is available this way, but all the Beatles, REM and Flaming Lips albums I have (plus the upcoming Pumpkins remasters) sound amazing running digital out from my PC to my Onko 7.1.