No, no, it won't turn Justin Bieber into Frank Sinatra, but Apple's new rumored iCloud service will turn your low bit rate, inferior
quality audio to high quality music. So, if you have some music, which you acquired through some dubious methods then you are in luck. iCloud is expected to stream such music to your Apple devices in a high quality format.
So, does it mean that Apple is tacitly approving your nefarious (nudge, nudge, wink, wink) methods for obtaining music. Well, we are not going to get all judgmental about this and would accept whatever this Cupertino company is going to offer us, *cough cough*
Apple is expected to make formal announcement about its locker service at WWDC event, scheduled for June this year. According to Business Week, Apple will scan your music collection and will mirror it in the cloud, albeit in a higher quality format. This step could well be Apple's USP against current music cloud services offered by Google and Amazon. These two require their users to upload their collection to the cloud. These services also lack the crucial 'Label' support. Despite its best efforts, Google had not been able to strike any deal with any major music label. Amazon service also went down the same path.
Since you do not need to upload your collection, it would mean saving some bandwidth. This is especially useful if you have tiered internet plan. The mirroring service has mainly been made possible due to Apple's collaboration with three major music labels in the US. Though, reportedly Apple is pretty close to seal the deal with the fourth label Universal Music as well. However, it is not clear whether Apple is looking to offer music subscription service as well. So, there are still some questions, which hopefully would be answered during WWDC.