Analyst Ben Reitzes of Barclays Capital has released a report declaring iCloud as the most important service Apple has put together since iTunes. iTunes revolutionized the way people buy music and content online; Reitzes suggests that iCloud will be a similar revolution that transitions the main hub for digital content from the PC, iPad, or TV into the cloud itself. We already know Apple is planning on making a big investment into iCloud and its infrastructure, and Reitzes says that investment will come in many forms, including connections with partners to share and spread the data stored on Apple's servers.
It's hard to argue with an estimation like this one. iCloud's effects aren't quite as obvious as a downloadable application like iTunes, but the service has already come in handy a few times for me. It certainly seems like Apple is aiming to make iCloud as dependable and seamless as possible, which is exactly what you want with a cloud service. We'll have to wait and see whether it becomes quite as revolutionary as iTunes, but if you buy into Reitzes' analysis, iCloud has a big part to play in Apple's future.