You seem to be getting some flack for this post, but dammit I agree.
I do not like the idea of iCloud. Someone has ALL of my data sitting in their servers. Servers go down, or hacked, or anything, my data is held in limbo or worse. What I really REALLY wish iCloud was, was a simple home server, all synced up with all of your devices, constantly being pushed back to it. That would've been amazing if Apple did that, simplified.
Now I do love the idea of being at work, doing some work, just saving it, turning off the machine, going home and there it is on my desktop all updated and ready to do what I may need to do.
Big things I do not like with the future iCloud idea is that a lot of people have a lot of sensitive, personal information on their computers. Just a pure example, a couple of steamy pictures of the mrs. Most men wouldn't want them to be anywhere but exactly where they know it to be, to be deleted if necessary. And by the sounds of the future of iCloud, I don't need a big HDD in my computer, just one big enough to handle the OS with a few gb remaining.
I've already had some fun with the iCloud syncing driving me nuts. I have two iPhones (one work) and an iPad. I update stuff on my work one, it pushes to my others. Its annoying, I like to keep that separate, but since I have iCloud turned on, and same accounts for iTunes, it pushes anyway.
Instead I'm buying a NAS. Atleast then I can also push my Windows stuff to it.