If you want the benefits of iTunes in the Cloud for music you haven’t purchased from iTunes, iTunes Match is the perfect solution. It’s built right into the iTunes app on your Mac or PC and the Music app on your iOS devices. And it lets you store your entire collection, including music you’ve imported from CDs or purchased somewhere other than iTunes. For just $24.99 a year.
Here’s how it works: iTunes determines which songs in your collection are available in the iTunes Store. Any music with a match is automatically added to iCloud. Since there are more than 20 million songs in the iTunes Store, most of your music is probably already in iCloud. All you have to upload is what iTunes can’t match. Which is much faster than starting from scratch. Once your music is in iCloud, you can stream and store it on any of your devices. Even better, all the music iTunes matches plays back from iCloud at 256-Kbps AAC DRM-free quality — even if your original copy was of lower quality.
Unfortunately it's US only at the moment.