Apple has been hard at work on their iTunes ecosystem over the last several weeks. They’ve enabled Automatic Downloads and added the ability to redownload previously purchased TV shows, and they don’t seem to be slowing down anytime soon.

AppAdvice is reporting that they have been able to confirm that Apple is about to launch a new iTunes feature called iTunes Replay. The service will allow users to redownload purchased movies to multiple devices, and stream the video content via iCloud

“In a nutshell, iTunes Replay is an extension to what Apple is already doing with iCloud and free re-downloads of previously purchased music. As Apple secures the remaining rights, TV Shows as well as Movies in iTunes will be given little arrows indicating whether they’re “iTunes Replay eligible,” that is available to be downloaded subsequent times.”

As MacRumors points out, Apple just recently started allowing users to redownload television shows to their Mac and iOS devices. Not to mention they just opened up the ability to stream previously purchased media to the Apple TV. So sure, iTunes Replay makes a lot of sense.

AppAdvice also suggests that some movies may come with a re-download limit, but they couldn’t say if such limits would exist for streaming content. Obviously, the details are still being hashed out with major film studios.

Combine all of these changes with the upcoming iTunes revamp we broke the news on, and it looks like the next several months are going to be exciting. I am nervous about these “limitations,” though. Apple has the power to make iCloud really awesome, or totally awful (see MobileMe).

What do you think? Are you excited for iTunes Replay?