Sometimes an iCloud icon is just an iCloud icon

As part of its massive redesign, iTunes 11 includes a curious iCloud icon at the top left, just beside the media type selector drop down. What does this iCloud icon mean? What does it want from us? Matthew Panzarino investigated and shared his findings on Robot Tuxedo:
Clicking on it does nothing, there is no tooltip and it sometimes animates in various ways. This has led to confusion about its purpose. When I saw it I felt I knew right away what it was, but thought I’d do a little testing to make sure my hypothesis was correct.
No spoilers. Hit the link below and make sure you read down to the update.
Source: Robot Tuxedo via Daring Fireball (I somehow missed it last week, I blame @panzer not tweeting it loudly enough)
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Rene Ritchie is one of the most respected Apple analysts in the business, reaching a combined audience of over 40 million readers a month. His YouTube channel, Vector, has over 90 thousand subscribers and 14 million views and his podcasts, including Debug, have been downloaded over 20 million times. He also regularly co-hosts MacBreak Weekly for the TWiT network and co-hosted CES Live! and Talk Mobile. Based in Montreal, Rene is a former director of product marketing, web developer, and graphic designer. He's authored several books and appeared on numerous television and radio segments to discuss Apple and the technology industry. When not working, he likes to cook, grapple, and spend time with his friends and family.
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By Daryl Baxter