Some have speculated that iTunes will move to a subscription model, but others don't see it that way. Michael Robertson, former CEO of mp3.com, believes that Apple will create an "online locker" of your iTunes purchases. Once you buy a song or show or movie, it's added to your online library for you to stream at will. That would be a great solution for users who currently have several space-hogging videos in their purchase history. Perhaps that's what the North Carolina facility is for.
Personally, I'd welcome such a service with open arms. Even now, I play "video shuffle" with my iDevices, moving TV shows and movies back and forth as room and my interests change. How nice would it be to pull up any episode of BSG on any approved device without having to make room for it first? Very nice indeed.