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Hmmmm...I wouldn't be so sure about that. The keynote did not imply that to me, and look how carefully the description here has been worded:
http://www.apple.com/icloud/features/
Apple will make it seamless, but there's 3 kinds of songs:
(1) Purchased on iTunes with local copy on your device, and if not, available to download. No dent in your 5GB iCloud. This is already working. Very nice.
(2) Obtained elsewhere but iTunes Matched. Can stream from the iCloud as long as you pay your subscription. No dent in your 5GB storage. It's Pandora with your database playing Apple's copy of the track. This is why this entire article and thread is a non-issue.
(3) No match for your song. Uploads your file to iCloud, counts against your 5GB, available to download to any device.