There is one flaw in this theory. Apple doesn't yet have control over this country's wifi and cellular networks. I can't see Jobs going for such a drastic change with having so little control to ensure quality with the internet. He'd have to depend on the connections of many different ISP's to ensure that this cloud concept be even somewhat feasible. Last time I checked, Jobs wasn't a "somewhat feasible" kind of guy (ie. 4G, Blueray, etc.). I could imagine portions of the computer be cloud based, but to eliminate high capacity hard drives when they are continuously getting smaller, larger in capacity, and cheaper? It's not logical to have cloud over high capacity drives.
My take? Given the increase cost potential by Foxconn and suicides overseas, who is to say that they wouldn't want to use this massive facility for simply building their own parts for all of their devices? Brings jobs (pun not intended) back into this country along with more revenue.
Lastly, even if Jobs did go against what I think is his better judgement, I would fight kicking and screaming having to move to a fully cloud based setup simply because I personally would only ever trust a wifi connection fully if it had the Apple branding on it. I will be starting my third ISP contract with my third company since having moved out of my parent's house (2 years or so) this next month. They all seem to stink and not be that reliable in my area.