What exactly it the difference between iTunes Wifi-Sync and iCloud Backup?

Okay, i do not yet have a mac, only an iPod touch, but am (hopefully) buying a mac soon (MacBook Pro to be specific). I buy all my music etc on my iPod, and am currently use iCloud sync which i have all the buttons in the ON position. Anyway, i am rather confused after reading alot about the two methods of syncing there exact differences. When i get my mac can i use both- for reasurance or do i have to choose one? Also, does iTunes wifi sync my photos and videos (thats photos ive taken and videos ive made/filmed) and does iCloud do this. Also if i use both photostream and iCloud/iTunes for my photos, will that create double ups of all my photos?
Thanks
The_Ele4ant

Wi-Fi sync works in the same way as syncing over a USB cable, albeit more slowly, and can be used when your iTunes library can see your device on your local network.
iOS: Syncing with iTunes
iCloud backup saves the settings and documents from your apps to the cloud instead of your own computer. It seems you either backup to your computer or to iCloud, but not both, at least not on a regular basis. You may still be able to trigger a local backup manually when using iCloud for backup.
iCloud: Backup and restore overview
Photostream operates independently of either of the previous features to move your pictures to your computer and other iOS devices when in range of any working Wi-Fi connection.
iCloud: Photo Stream FAQ
tt2

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