It seems Apple letting us stream TV shows and download them again is just the beginning. It is said that Apple will now let us stream and maybe even download Movies again for no charge. Now there is a downside to this though. You may be only able to download the movies 5 times for some content anyways.
In a nutshell, iTunes Replay is an extension to what Apple is already doing with iCloud and free re-downloads of previously purchased content. As Apple secures the remaining rights, TV Shows as well as Movies in iTunes will be given little arrow indicating whether they’re “iTunes Replay eligible”, that is, available to be downloaded subsequent times. Note that some content will unfortunately only be available to download five times and we don’t know how streaming will count towards that limit.
I think this would be a good feature to have with iCloud. It would be very helpful.