From Bloomberg:

Apple will unveil the changes by year’s end, said the people, who asked not to be identified because the plans aren’t public. The company will more closely integrate its iCloud file- storage service with iTunes so users can more seamlessly access and manage their music, videos and downloaded software apps across different Apple gadgets, the people said. Apple also plans new features for sharing music, the people said.

This is very interesting. If true, it makes me wonder how much better the iTunes experience will become.