All Things Digital is reporting that any updates announced regarding Apple's iTunes Store at their media event next Wednesday will not introduce a cloud-based service, but rather improved social sharing features and a web-based environment.

Apple plays its cards close to the vest even with the music labels it works with, so the people I've talked to are making informed guesses. That said, music sources tell me they're expecting a lightweight, Web-based version of the iTunes store. The new version would be designed to sync up easily with the rest of the Internet and make it much easier for customers to share their musical tastes (but not songs) with friends.

It's unclear what the report means by sharing content with friends, but expect some type of Twitter and Facebook integration into iTunes itself, not just the iTunes Store.

Apple currently hosts the iTunes Preview service which is a stripped-down version of the iTunes Store, viewable via your web browser, but to purchase content, you need to launch the actual iTunes application. If this rumor is correct, it would most likely be an expansion of iTunes Preview.

Also mentioned in the report is that Apple has not talked to any music labels regarding a cloud-based streaming service, although the company could argue that the service is already covered under the current iTunes Store deals, and work out the kinks after the announcement.

Also, the report mentions Apple could be releasing a service for wireless syncing of content purchased on the iTunes Store and an iOS device.

Some label executives also speculate about a wireless system that makes it easier for you to manage iTunes purchases. In theory, Apple could make it possible for you to move a copy of a song you bought on your iPhone onto your laptop without having to manually connect the two devices.