Well you already have time capsule, I agree it's a half arsed solution, but anyway it's not an either or thing, we do need much (much) better cloud solutions and AND home servers. And most of us will be far better off with both of them as neither really replaces the other.I am honestly not fussed about this.
I would much rather have a physical apple branded itunes server for my house to fit in with my personal eco-system. I just cannot see myself using this - especially with the inevitable restrictions that will come with music I have ripped from my purchased CD's.
Anyway, as someone said, get on with it, I 'd say the same. We can't wait for it.