Cloud Based Video In The Pipes For iTunes?

CNet is reporting that Apple has been making overtures about storing video content in the cloud. Citing sources close to the discussion, Apple is apparently been talking to film studios about iTunes downloaders being able to store their videos online.
According to said sources, the idea is that users can access their content from any device easily—notably the iPad. Apple has made similar overtures with music for iTunes recently, and purchased cloud based music service Lala.
I can’t be the only one who thinks that cloud based media streaming isn’t quite ready for primetime yet? Wi-Fi isn’t nearly ubiquitous enough that I can just pull out my iPhone and stream a movie wherever I am, and 3G is far too slow. What I do think this would be useful for is being at a friend’s house, and just being able to log on to your iTunes and play any of your saved media.
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