Apple has updated iCloud to provide access to previously purchased TV episodes.
The episodes are accessible via the Purchased section in iTunes, from the Apple TV using today's 4.3 update, or from iOS.
Although backups are recommended this new feature will make it easier to restore or access your media library from any device. Hopefully movie support is coming as well.
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This also works on the iPad with tv shows, music and apps. iCloud icons have been added.
http://ipadhelp.com/ipad-news/apple-has-started-integrating-icloud-to-ipad-apple-tv/
I don't completely understand: will this work for the iPod touch and iPhone running 4.x.x? That would be epic. I buy a lot tv episodes and movies from iTunes.