Due to it being out of our control as to what happens in the cloud, well let's ask Steve Wozniak about the cloud. OK?

If you own content, keep it local and on backups to be safe. As to the iTunes purchase it's a deep problem of what you actually purchased. That is, the original "content provider" can bail out of iTunes and demand their content be removed. Now it's a legal reading of what's in those contracts to see if you have any recourse but we all know that until you get a copy unbound from their cloud and DRM it's not yours to keep.

Screaming yet?