Even if we get a 32GB iPhone this year, that will still limit the amount of big, blobby iTunes movie content we can carry around with us. Sure, maybe 20 movies at 1GB each is doable, but as video and sound quality increase towards the HD, and collections grow and grow, the ability to stream content to mobile devices becomes key.

So it's not too surprising Apple Insider reports iTunes Replay is looking to provide just such a streaming service:

iTunes Replay would arrive on the heels of last month's report that Apple has shifted its online content delivery strategy to include a provider in Limelight Networks, joining longtime Apple partner Akamai Technologies. Having two different providers could help greatly optimize the delivery of streaming content to the millions of customers who use iTunes.

Personally, while I'd enjoy the ability to stream iTunes to my iPhone, I'd never buy anything that I couldn't also store locally as a backup. Too many online media services have gone offline over the years, effectively stealing back the content their users had legally paid for. However, it's definitely an option I'd like on-the-go. What I'd like even more? The ability to use a Back to My Mac-like connection to stream my own content to my iPhone, you know... like SlingMedia Player.

Anyone psyched for this?