According to AppAdvice, iTunes Replay would allow users to re-download and even possibly stream video content purchased on iTunes to multiple devices. The service would be a boon now in this age of multiple mobile devices per user.
The service will launch "in the coming weeks." iTunes Replay-enabled videos will display a little arrow icon next to TV show and movie content in the iTunes store that qualifies for the service. Content marked with the icon can be downloaded multiple times to multiple devices and, according to the report, likely be capable of being streamed to some, as well.
Some content, however, will be limited to only five subsequent downloads, a limitation most likely required based on the rights Apple is able to negotiate with content providers. Additionally, users will be able to use iTunes Replay with previously purchased content, as long as the content was purchased after Jan. 1, 2009.
Considering Apple's plans for iCloud, iTunes Replay makes perfect sense. The ability to download and stream to multiple devices is part of iCloud, and naturally, when Apple thinks multiple devices, it thinks iPads and iPhones, which are key to its bottom line.
Update: it looks like the word "soon" needs to be removed from the title, as although there are discussions between Apple and content providers on this feature, it's not anywhere near a "soon" introduction. Apple has yet to ink deals with at least four of the six major Hollywood film studios, according to CNET.