I don't think the cloud based storage would just be stuff you purchased on iTunes. I mean, that is already available anyway (you can always redownload stuff you own). It's just an easier way of doing what you can do right now.
It's only cloud storage if you can actually STORE stuff on it that's not already there.
Edit: Exactly what Genocyde says above me.
It's only cloud storage if you can actually STORE stuff on it that's not already there.
Edit: Exactly what Genocyde says above me.