A large frustration for those of us who used to have the family MobileMe accounts with Apple was that they went away around the 4th generation iPhone, and it was replaced with iCloud. What did this mean? No more sharing an iTunes account, or so I thought.
It wasn't a big deal for me early on, as I was the only one in my household to really use the full MobileMe package, and my family just used iTunes.
My parents, on the other hand, all had smart devices and were heavily affected when this change went through - forcing them to each have their own iTunes accounts and repurchase many apps, ringtones & songs.
I wish I had known then what I figured out later, when we brought a new smartphone into my home. My significant other inherited my 4 when I upgraded to the 5, and I started to cringe at the impending charges coming. So I did a little research, did a little testing, and I happily discovered that you can have your own iCloud account and use a separate iTunes account - perfect for families.
It is surprisingly simple and doesn't require much work. Here is how you set it up:
Settings -> iCloud: Set up like normal
Settings -> iTunes & App Stores (you have to scroll down a bit)
Tap on the "Apple ID:" Area
This will bring up some options.
Sign out, if needed, and enter your family iTunes account info.
Congratulations, you now are sharing your iTunes account on multiple devices!