Today Apple announced its brand new service iCloud, as part of iCloud both the iOS App Store and iTunes Store allow purchases of songs, videos and Apps to be downloaded to a new iOS device if they’ve been previously purchased on another device. Immediately following the keynote Apple pushed this out to both stores and is accessible from devices running iOS 4.3.

iCloud beta and Cloud Storage APIs are available immediately to iOS and Mac Developer Program members. iCloud will be available this fall concurrent with iOS 5. Users can sign up for iCloud for free on an iPhone, iPad or iPod touch running iOS 5 or a Mac running Mac OS X Lion with a valid Apple ID. iCloud includes 5GB of free cloud storage for Mail, Document Storage and Backup. Purchased music, apps, books and Photo Stream do not count against the storage limit.

Here is a quick look at iCloud on both the App Store and iTunes Store.

Open the iTunes store on an iOS device running 4.3 and you’ll see a new “Purchased” button in the bottom bar. Clicking that button will show a full purchase history for the signed in Apple ID. A purchase history will be shown for all devices and what’s not on the current device.

Items not on the current device can be downloaded straight to the iOS device at no additional cost.

App Store iCloud on iOS 4.3

The same applies to Apps from the App Store. It is now possible to very quickly install Apps that have been purchased on another iOS device.

Here’s some shots from both stores on the iPad.