One advantage to iCloud is the ability to re-download movies that you purchased through iTunes. When the download feature became available in March, only four of the six major movie studios were on-board with the service. The two holdouts, Universal and 20th Century Fox, had contracts with HBO that prevented their participation in the service.
HBO reportedly loosened its agreement and now Universal movies are available for download via iCloud, according to a MacRumors report. Movies from 20th Century Fox are still not available in iCloud, but negotiations supposedly are under way and iCloud support should be coming soon.