I can only speak for XC60s with Sensus. You can stream music (and App sounds) from an iPod Touch to the car over Bluetooth but the display will not show track details (it displays "Track"). You can also step forward or backward to the next/previous track using the steering wheel controls, but no other track navigation is possible.
As wimorrison says, sounds quality won't be on a par with the USB connection since Bluetooth A2DP uses lossy compression. But then again it may not be so noticeable in a car.
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