A little late, but now iTunes Match is here.
Apple has just released iTunes Match. iTunes Match lets you store your entire music library in iCloud, including music you've imported from CDs, and enjoy your collection anywhere, anytime, on your iPhone, iPad, iPod touch, computer, or Apple TV. iTunes Match is not free. You have to pay $24.99/year for that service. For music fans with large libraries this is definitely worth it to gain access to all your music via the iCloud.
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iTunes Match is in the new iTunes 10.5.1 update available now in the iTunes Software Update.
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More iTunes Match News.