Apple finally agreed to terms with Universal Records, who was the last of the four major labels holding out for their iCloud/iTunes streaming music service. But it might only be for the tracks you buy from Apple.
This, along with the other labels and distributors they've agreed to terms with, gives Apple the streaming rights for a large chunk of songs. Cnet's sources also say that, for the time being, the service will only stream tracks that were purchased in iTunes (bleck).
Streaming will not be available on Monday but will be offered soon, the sources said. They added that an Apple digital locker will store only music purchased at iTunes. The company is said to have plans to store songs acquired from outside iTunes sometime in the future.
As for pricing models, it will likely cost you, one way or another. According to the LA Times, Apple's iCloud service may be made available as a free trial at launch, with an annual subscription eventual costing "about" $25 per year. Oh, and there may, uh, be ads—although it's not clear what form they'll take or how invasive they'll be. [Cnet]
WWDC 2011 Predictions | Here comes iCloud, but what else?