iTunes Movie Rentals: $3.99 new releases, 24 hour rental period

The iTunes Movie Rental Store, rumored for so many weeks, is real, as Mr. Jobs just announced. Here’s what’s up.

• Every major studio, including Sony, Warner, Paramount and Universal, has signed up. So much for them hating Apple.

• New releases hit the Rental Store 30 days after their DVD release.

• Rentals last 24 hours, You have 30 days from the time of purchase to actually begin watching the movie.

• Price: New releases are $3.99, while older titles are $2.99. That’s a hell of a lot cheaper than going to the cinema and dealing with all the nonsense that entails.

• It launches today here in the U.S. International dudes will have to wait till later in the year.