As above, I purchased and ran iTunes Match on my entire music collection (10,005 songs) and several tracks were low bitrate so I used this as an opportunity to download a better quality copy from iTunes. I took the following steps:
1. Let iTunes Match complete;
2. Deleted the original tracks using a Smart Playlist with the rules "Bitrate <256kbps" and "iTunes Match is Matched";
3. Set all of the playlist re-downloading using iTunes Match.
Now my iTunes is saying iTunes cannot locate any of the files and, sure enough, there is no copy of the songs are on hard drive. What is more is I don't have the option to download them from the cloud - they still display in my music list but with the exclamation mark next to them.
What's happened? And what can I do?