Will Apple Take iTunes Into The Cloud?

Apple (NSDQ:AAPL) has slated a "big announcement" for next week, and the rumor mill is swirling over what Steve Jobs and Co. might showcase in San Francisco on Wednesday.
With a new iPhone recently under its belt, Apple most likely will focus on the music side of the house with an iPod refresh and a retread of its iTunes media service. The invitations that were sent out to potential attendees featured an acoustic guitar -- complete with an Apple cutout.
One major expectation is that Apple will launch the long-rumored cloud-based version of its iTunes music and video service. A cloud-based iTunes offering would let users store their music and videolibraries in the cloud -- on Apple's servers, aside from on their PCs, Macs or own hard drives -- and stream music from any Internet-capable device. That would eliminate the need to always have your iPod by your side. It'd be like a MobileMe just for music. LINK