Apple has finally pushed iTunes 10.3 to features its recently released iCloud service in beta. However, to take the advantage of iCloud, you need to have iOS 5.0 installed on your device which is possible only for developers. iOS 5 beta 1 has been already available for download through Apple servers. You can check the functionality of the new version below :
1) Automatic downloads : Previously demoed at WWDC 2011, all your purchased music will simultaneously appear on all other devices as well. Suppose, if you have purchased a song from the iTunes store from an iPad then it will appear all your other devices as an already downloaded content through the iCloud.
2) Download previous purchases : If you have downloaded some apps or games or music earlier from any of your iDevice, it will automatically be downloaded again without any additional charge. All your purchases are available on Mac or in the iTunes store of your iPhone. Previous purchases will be unavailable if they are no longer on the iTunes store.
iTunes 10.3 also feature an additional feature known as Books where you can explore and buy books from your computer and automatically download them to iBooks on your iPhone, iPod touch or iPad. You can download the version from here
The iPhone Help
The iPhone Help