It was reported recently that Apple Inc. acquired the domain name iCloud.com and that they have signed a deal with EMI Music and other record deals. Today an Apple patent from Q4 2009 surfaced by PatentlyApple.com reveals that Apple has been working on the cloud based media service for nearly 2 years now.
Apple devices would be able to stream media files from a remote source. Below is a screenshot of how Apple would adjust iTunes to partially sync music. The user would be able to enter the speed of the network that they are using.