Following the release of the iTunes Match developer beta. iTunes Match is
iTunes Match stores your complete music library in iCloud, allowing you to enjoy your collection anywhere, anytime, on any iPhone, iPad, iPod touch, or computer.
For the $25(UK price not announced yet) a year iTunes Match will scan your iTunes music library and allow you to access it from any authorised Apple Device – iPhone, iPad, iPod Touch, Macbook, iMac etc. Songs that already exist in Apple’s iTunes music store will be streamed straight from Apple’s master copy (at 256kbps bitrate) without a need to upload the songs yourself. Songs that don’t exist in iTunes will be uploaded to iCloud.