I hope it isn't unless it's backed with a subscription service. As they'll probably only allow you to upload stuff you've bought from iTunes, which in my case is very little.
Seriously, all they need to do is spend 5 minutes with Spotify premium and then copy it. Add a little Apple design flare and they're done.
Good article here: http://www.crunchgear.com/2010/11/15/wi ... -tomorrow/
The missing link for streaming/cloud is offline caching for MP3 players and computers that don't have internet connections all the time.
£8-9 a month that's ~£100 a year, does anyone spend that much on music from iTunes now? I certainly don't. But I would on a subscription service.