Business Week claims to have some interesting details about Apple’s long-rumored music/cloud service that will likely launch sometime in June.

Armed with licenses from the music labels and publishers, Apple will be able to scan customers’ digital music libraries in iTunes and quickly mirror their collections on its own servers, say three people briefed on the talks. If the sound quality of a particular song on a user’s hard drive isn’t good enough, Apple will be able to replace it with a higher-quality version. Users of the service will then be able to stream, whenever they want, their songs and albums directly to PCs, iPhones, iPads, and perhaps one day even cars. And the music industry gets a chance at the next best thing after selling shrink-wrapped CDs: monthly subscription fees, à la Netflix (NFLX) and the cable companies. “We will come to a point in the not-so-distant future when we’ll look back on the 99¢ download as anachronistic as cassette tapes or 8-tracks,” says Ross Crupnick, a music analyst at NPD Group.