With the ability for users to put all music files (plus photos, documents, etc) from Apple devices up into the iCloud, Apple are moving in a very definite direction; one that is not device specific. This stored information can then be accessed by you, from devices anywhere, effectively syncing all devices together.
However, unlike Spotify, iCloud’s fundamental goal is to sync devices by storing music and information, not to stream new music like Spotify. iCoud, like iTunes, is all about the music you already own and is not yet a direct competitor to Spotify in Europe.
For the lowdown and a good comparison, check out Spotify vs. Apple iCloud on The Pansentient League.
It is unlikely that the iCloud will pull the carpet from Spotify in the near future and for music lovers all over the world (well, Europe) iTunes still has some catching up to do to beat the accessibility and usability of Spotify.
BTW, the Cloudbusting reference in the post title for anyone under 30 is from Kate Bush circa 1983.