The Apple iTunes Movie rental Service is up. Every major Hollywood studio is in: Warner, Disney, Paramount, 20th century Fox, Universal, Miramax… they all support iTunes. The movies come in 640 x 480-pixel resolution. The movies will be available for 30 days once you have downloaded it. After your first play, you will have 24 hours to watch it as many times as you want. Or, at least, that’s how I understand it. Here’s the exact wording:

Rent a movie and you have 30 days to start watching it. Hit Play, and you have 24 hours to finish it — or watch it as many times as you want. Movie rentals disappear when they expire, so they won’t take up storage space.

The movies is priced at $2.99 for titles in the library and $3.99 for new releases. HD versions will cost $1.00 more.

You can watch the movie on any video-playing Apple product: iPod Touch, iPod Nano, iPhone, MacBook and Apple TV. For the money, and considering, it’s only a rental, I doubt anyone will be playing iTunes movies on their Nano Phatty.

[apple]