Exactly...and have they downgraded the features of the computer to match the iDevices?
What I've been wondering since the announcement is, that if the Mac is now just "another device," will the new version of iTunes lock it down like the music players on other (iOS) devices. So you can stream/download the 256kbps files onto any device, but you can't actually access them in the file system, even on the Mac. It's just another device that syncs to iCloud the same way that iPods used to sync to Macs.
I'm OK with that system if it's the case, and won't be at all surprised if that's "the catch" that made the record labels agree to this whole thing. I have no need to swap files around or make CDs, taking it all to the cloud and seamless streaming/syncing to all devices is worth the tradeoff.