Well, With iTunes Match, even songs you’ve imported from CDs can be stored in iCloud. And you can play them on any iPhone, iPad, iPod touch, Mac, or PC — whenever you want and wherever you are, without syncing. iTunes Match is just $24.99 a year.
Here’s how it works: iTunes determines which songs in your collection are available in the iTunes Store. Any music with a match is automatically added to iCloud for you to listen to anytime, on any device. Since there are more than 20 million songs in the iTunes Store, chances are, your music is already in iCloud. And for the few songs that aren’t, iTunes has to upload only what it can’t match. Which is much faster than starting from scratch. Once your music is in iCloud, you can stream and store it to any of your devices. Even better, all the music iTunes matches plays back from iCloud at 256-Kbps AAC DRM-free quality — even if your original copy was of lower quality.
So, if you decide to use this, I'm guessing your going to need more space in your cloud, and look, Apple has a plan for that! Enjoy!
So...does this open up the door for a cloud based iPhone/iPod/iPad? Only time will tell, and of course the adoption rate will be a factor on whether this will happen. But then again, we won't know anything as always until Apple tells us.
Have a day, It's Friday, and no one can take that away from you!