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?
http://www.cnet.com/news/woz-the-cloud-is-a-nightmare/
http://www.cnet.com/news/wozniak-criticizes-cloud-dependence-in-light-of-nsa/

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?