iLounge claims that the expected MobileMe revamp will be launching ahead of WWDC, sometime next month (April). The new MobileMe is said to be free is may be a major departure from the current version of MobileMe as the current version is said to be phased out in a year.
Apple is expected to hold an iOS 5 event sometime in April and this would be a perfect time to also unveil the new MobileMe. The new service is said to be more cloud-based with a “locker” that stores your media. The service will potentially even connect to your iTunes library to provide streaming to iOS devices from the cloud.