With recent news that Apple has acquired the domain name iCloud.com, speculations increase on what Apple has in store for the new cloud based system they’ve been working on.

Most people tend to think this is all a part of their iTunes revamp or their MobileMe update which is nearing completion. With this new cloud based system, users would essentially be able to store music, videos, TV shows, etc purchased from iTunes in the cloud. The benefits for this would be that;

A) you’d be able to free up space on your iDevice

B) You’d be able to access your content virtually anywhere you go

C) You would also have the ability to upload your miscellaneous content into iCloud for later use or sharing.

Assuming this new iCloud was for the MobileMe update, users could possibly experience larger online storage capacity, seamless integration with their cloud iTunes account as well as many other improvements users have been pining for these past few years.

Personally, I’m not much of  a “cloud” person as I prefer to have my content on me at all times. In the event I wanted to view/listen/interact with my cloud account, I’d need to make sure that I’m either in an area with good reception or have some speedy WiFi around. Sort of an inconvenience but, in the bigger picture, this is great news for either iTunes and/or MobileMe users since increased storage and, potentially, a slew of new features to come will make Apple’s ecosystem that much more enjoyable in my opinion.