The reported idea is simple: you can use iTunes as an online locker for the songs and videos you purchased and access these files anywhere you have Internet connectivity. This would be a godsend for the iPhone or iPad because you wouldn’t have to worry about how much storage you have on the device. We’ve also seen similar services pop up from the likes of Rhapsody and Microsoft’s Zune Pass.
This would probably be made possible by Apple’s recent acquisition of the streaming site Lala. Coincidentally or not, Lala will be shutting its doors at the end of the month, so a streaming iTunes version makes a lot of sense.
We already know WWDC will be fun because of the official introduction of the next iPhone, but streaming iTunes could be a nice cherry on top. We’ll be there delivering up-to-the minute news, so watch this space.