Some rumours do indeed come true, while others don't. This one certainly has because Sony has announced a new program for a variety of its devices, including PS3 and PSP, called "Music Unlimited powered by Qriocity."
According to the announcement, it is a new "cloud-based digital music service" to be available by year's end (This is for Europe anyway, a US release date has yet to be announced). With Music Unlimited, subscribers will be able to access "millions of songs from the service." Could this finally be the end of CD's and albums? We'll see in time.
Further details will be announced in the future, but Sony's service sounds strikingly similar to Microsoft's Zune Pass. It seems like stealing an idea from one comapny and adapting it for your own purposes it all part of the games industry today, because Sony's own Trophies system was stolen and adapted from Microsoft's own Achievements system.
In addition to PlayStation products, the service will be compatible with Bravia TVs, Blu-ray disc players, home theater systems, and VAIO computers "with one single account and without the need to manage digital files." We're impressed at this point.