As a side note to all this streamy cloudy stuff, I really think the need a Time Capsule based on IOS that can take a monster drive and be your "true" ITunes and iPhoto library. I know we like to put everything in the cloud, but its not always realistic when we have TV series to stream and big photo libraries... Apple's puny sized SSD based Macs don't cut it as "sole" machines anymore under those conditions... I have close to 200GB of stuff just bought from iTunes over 6-7 years. Somebody at the Apple kiosk was asking about that exact item just the other day to sync their families iPhone pics to one location. Why hasn't Apple baked that into Time Capsule... Or heck a jail broken Apple TV could probably handle it with an external drive. It becomes more of an omission when you have homes that are buying more iPads rather than PCs for family members.
I could not agree more.
A single place to store itunes and iphoto data etc, allowing admin and user access to different libraries, and without the current risks/limitations of 2 users using a single library or having your library stored on a network drive. This would be perfect.