Apple's Cloud-Based Music Service Ready to Go?

Reuters reports that Apple has "completed work" on its rumored cloud-based music service and will beat Google to the punch as the search and advertising giant continues to work on a similar project.
Apple Inc has completed work on an online music storage service and is set to launch it ahead of Google Inc, whose own music efforts have stalled, according to several people familiar with both companies' plans.
Apple's plans will allow iTunes customers to store their songs on a remote server, and then access them from wherever they have an Internet connection, said two of these people who asked not to be named as the talks are still confidential.
Interestingly, the sources indicate that Apple still has yet to sign any of the major labels to new agreements covering the forthcoming cloud-based capabilities, making it unclear how the sources can be so confident that Apple will beat Google to a launch. Apple has reportedly not yet informed music industry insiders of when it intends to launch the new cloud-based service.
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Top Rated Comments
The billion dollar question: just content purchased from iTunes or all compatible (audio) files in one's iTunes library?
Uhh...that is not how Amazon's service works at all. Amazon syncs your entire library. It's only that new Amazon purchases don't count towards used space. Only syncing new purchases would be worthless.
I used to walk to a shop buy a CD with a HARD copy it was MINE I paid for it! a physical copy I had controll over.
Then we had MP3's with that lovely DRM removed to let us do WHAT WE WANT and had a PHYSICAL file on my laptop or pc it was MY FILE.
So what we saying now?
Upload all YOUR music your PAID for back to Apple or whatever company running it so they have the whole controll to pull it all when they want!
No copys, no files, all on the server and it dont stop there it will be personal stuff soon eventualy everything cloud based and your trust in the company to keep this all safe!
NO WAY I'll stick to my few terabyte hard disk and stream it from MY PC not THERE servers!
But doesn't Amazon do this already - without the music labels permission?