Think Secret is reporting that Apple plans to introduce iTunes movie rentals at the upcoming Apple’s Worldwide Developers Conference. While this news is being widely distributed, Think Secret has had a spotty record of predicting Apple announcements.
According to Think Secret:

Apple is said to have ironed out agreements with Walt Disney, Universal Studios, Paramount Pictures, and Warner Bros., and is currently in talks with other major movie studios as well. It’s unknown to what extent content will be available come the August 7 announcement, or whether Apple will announce all of its studio deals at that time.

Because the movies will be rented to consumers and not sold, people familiar with the situation report downloads will be coded with a date stamp that will restrict playback. It is not known exactly how the coding system will work, but industry experts tell Think Secret that the software would likely either limit the number of playbacks or provide unlimited viewing for a period of time, after which the movie will be “turned off” and no longer available.