RealNetworks recently submitted their on-demand music streaming application for the iPhone and iPod Touch to Apple for review. Yes, this is the moment all of you Rhapsody subscribers have been waiting for.

Rhapsody is a subscription based service, $12.99/Month, that allows you the ability to listen to any single song or album on-demand. Current subscribers to Rhapsody can simply log into the app with their existing user name and password and can be streaming music in no time. If you are not a subscriber you will have the opportunity to take the app for a free limited time test drive.

The big question is whether or not Apple will approve this app but given the amount of negative press Apple's app approval process is currently getting, we are leaning towards this one being approved.

Subscription based music streaming is in high demand on devices such as iPhone so it makes us wonder - when will Apple make it's move into the music streaming business? Not that this would be likely to actually happen but Apple could even offer the service as an extra perk to all of us who subscribe to their MobileMe service.

Would you be willing to pay Apple for a service such as Rhapsody or are you perfectly content with current iTunes setup?