There's been lots of rumors in the past about iTunes going to some sort of a cloud-based service, with the ability to store or access music remotely over the Internet, but the new word around town is that what's actually revealed at the event next week won't be quite so ambitious. Peter Kafka over at All Things Digital now says that instead of streaming, the new iTunes might be more social, with iTunes accounts serving as nodes on which users can share recommendations for apps or songs, or even share playlists or song information. You wouldn't actually be able to share music, but the idea would be to lay the groundwork on a more connected iTunes system, and set up the music software as not only a location to store your personal music, but to connect with others through the media.
Sounds interesting, and of course a rumor like that dovetails right into what Apple is working on with Game Center, where iTunes accounts will serve as the portal for connections in and around App Store games. This current round of speculation also includes improvements for the web-based version of iTunes pages, and presumably improved ways to browse and post app reviews and recommendations.
As always, we'll have to see. Nothing's confirmed until Steve walks out on stage and shows it to us, so even if Apple is working on a system like this, there's no confirmation we'll see it at the event next week until we, you know, do.