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Yes, it's the same as restoring from an iTunes backup, except that it downloads the data and apps over wifi so depending on your connection speed, it can be a LOT slower than restoring from iTunes. Also, music / videos that's on your computer but not matched with iTunes Match won't be synced.
 
Wait, you want to restore an iPod Touch backup onto an iPad? I'm not sure that's going to happen, iCloud or no.

You'll be able to download your purchased apps when you sign in with your apple ID, and if any apps sync state/data against iCloud that might come down, but as for restoring a backup of a different platform I doubt it'll happen.
 
Wait, you want to restore an iPod Touch backup onto an iPad? I'm not sure that's going to happen, iCloud or no.

I don't see why not -- I've done it going back and forth between iPod touches and iPhones. Now if you try to go from iPad to the touch, you might run into trouble. Or maybe it'll work. No harm in trying, though, since if it doesn't work, you can always restore.
 
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