Still searching for that perfect online music streaming application for your iPhone? Spotify may be exactly what you are looking for.

Spotify is a online streaming music service that gives you access to over-the-air streaming of their entire music library, as well as playlist access. Where this application has a leg up on the competition is that you'll be able to cache playlists locally on your iPhone while in WiFi areas so that you'll be able to play them back at any time without any data connection. Spotify will be available as a free app download but will only be available to premium customers who pay £9.99 a month for the service.

Now comes the disappointing part of the story -- Spotify is not available here in the United States or Canada due to licensing restrictions. Sorry folks, we will have to make do with Pandora, Pocket Tunes, etc...

How many of you, our valued readers, think Apple will let this one slip into the App Store? Will it get rejected for "duplicating functionality"? Or will it mysteriously disappear into the abyss like so many applications before it?

[Thanks to icebike & Sam for the tip!]