Awesome, and why didn’t I know this
Itunes Music Store Says "In the event that a customers entire music library is lost, the iTunes Music Store does re-grant the purchases history. Please keep in mind that Apple does not offer protection against the loss of purchases, so this is a one-time exception.
I have some albums that I have purchased and lost, but the question is this: should I redownload now or wait until I experience a real calamity? I think I'll wait. But I'm really glad to know that iTunes offers this. I think that Apple is striking a really fair balance of convenience and property rights, even though I absolutely abhor the idea of having to "activate" anything that I have purchased, be it music, software, etc.