Today during the WWDC keynote, Steve Jobs introduced a number of new products coming from Apple this year. Some of the new software will be available starting today, while others will officially launch later on this year.
Apple is famous for their "one more thing", and this year they introduced iTunes Match. During their announcement, Apple introduced new syncing features on their iOS 5.0 platform, and Mac OS X. The new service, called iCloud, will sync your calendars, contacts, photos, and yes, even your music.
Apple will begin syncing all of your purchases with your iPhone, iPod touch, iPad, and even Mac computer. But those were just purchases. So, Apple introduced iTunes Match that takes your existing library and allows you to sync all of that content off of iTunes cloud server.
The service will cost $24.99 a year, and will take all your music and attempt to match it with the iTunes Store, allowing you to share this across all your devices. All the music will be available in 256k AAC DRM free.