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I agree, it sort of makes me think they're going to try to steer people to an upcoming device that is built on iOS and can act as a local cache for iCloud features. Maybe like a Time Capsule+Apple TV.
iCloud is not a hosting service. So there is nothing to cache.
It's more accurate to think about iCloud as a sync service between all your iOS devices. In fact, iCloud does not even store your music online, its a match service. No more Gallery, photos will be removed after 60 days, iDisk is gone, web hosting is gone. iCloud Documents is just a set of document syncing API's. Tell me what else is there for your TC to cache?