I’ve always lamented over the high price of MobileMe when compared to the benefits derived from Apple’s cloud service. Needless to say, MobileMe has fallen behind in recent years in terms of usefulness. Well, if the latest rumors are anything to go by, expect big changes to MobileMe in the near future.

These changes include the already discussed cloud service for the rumored iPhone Nano, along with a host of other changes like video streaming à la Ustream, location awareness like Foursquare, and other interesting tidbits.

Who said MobileMe was past its prime?

According to a report from Cult of Mac the revamped MobileMe will center on “…a dynamic webpage that sounds like a mashup of Facebook, Foursquare and Ustream.”

So basically it sounds like if you choose to enable the service, your iPhone will have tons of your significant data pulled and dumped to the cloud for sharing purposes. That means displaying the music you’re listening to, tracking your current location, and even the ability to stream live video on location.

Wow, talk about a drastic departure from the rather pedestrian version of MobileMe that customers are currently forking over $99 bucks a year for.

There’s no word on whether or not Apple plans to keep the status quo with regard to pricing in the new version of MobileMe. I would think they’d relegate some of the more basic features to free, opting instead to charge for premium services like video streaming.

What do you think about the new MobileMe? Sounds compelling enough to you?