I found this on Apple's support forum:
https://discussions.apple.com/message/15377638#15377638
For families that currently share an Apple ID to purchase content (i.e., iTunes Store account). Will be able to share Apps, Music & Books from the Cloud.
When iCloud goes live, those with current MobileMe address will have them migrated. Those without will have to create an @me.com address.
These @me.com addresses will now become your individual iCloud ID completely separate from your main iTunes Apple ID.
**iTunes Store Purchases**
Within Settings App > Store: Each device will have to determine if they want to manually download all purchased content or not. This setting is defaulted to "OFF" It is currently working now, so you can test it out and see how you like it. For families with different tastes in Music/Apps/Books, you'll want this to be set to "OFF" What does this mean? It means you will have to manually update purchases among all devices (except the device you purchased it on...obviously). Since everyone wants to share Apps/Songs/Books in the family from time to time, everyone will have the ability to "see" this content under the "purchased" tab.
For families concerned about content getting on a child's iDevice. You can go into Settings App > Restrictions and turn off iTunes, etc. and manually manage the content for them. By Restricting iTunes, they will not even be able to see purchased content.
While it might be difficult manually downloading Apps/Songs/Books from the "purchased" tabs, it is no different than what you do now when managing all these devices against an iTunes Library. However, now you can do so without being at the actual computer, and you don't even need to be in the same geographic location.
My plans are to have the main Mac in our house download all content to have a central location for everything incase the data center ever crashes.
**iCloud Account**
Under Settings App > iCloud you'll be able to register your required @me.com address. This will be your unique syncing account. You'll use this account address for all your PERSONAL iDevices and computer! This address will cover calendars, email, contacts, photo stream, find my iPhone, documents in the cloud, etc.
In terms of syncing this content to a computer: As Steve Jobs said, the PC is being demoted to the same status as a device (so think of your computer as a device...not the central hub). Your family will have to determine who's going to sync their iCloud account to the computer. If everyone in your family is planning on using the Cloud, it doesn't really matter, because this is a Post PC world and you don't really need a computer anyway. Why, because all their data will be in the cloud. The computer is no longer necessary.
The main issue is with photos, because Apple will not hold all your photos for you! So, I suggest the person that takes the most photos sets the computer to their @me.com (iCloud account). When you want to migrate other photos into the same computer from a different device (another iPhone OR Cannon camera), you'll have to manually connect it and migrate those photos into iPhoto. Hopefully, Apple will eventually allow users to share photos via photo stream to another @me.com account.
Sorry for the lengthy response, but I promise families will have a solution of some kind. As a previous poster said, each situation may require some sacrifice. However, the sacrifices will not be any more challenging than what you do now.
**Final Thoughts**
iOS5 allows wireless syncing via WiFi to iTunes. Therefore, in a worse case scenario, nothing will change from what you have now except your devices will sync based upon your iTunes preferences just like they do now only without wires...while you sleep at night.
Steve Jobs mentioned in the Keynote, in regards to iCloud, the ability to do both!
Still kinda confusing. Maybe when I see the settings and options it will make more sense. This is going to cause a lot of confusion for users. I would not want to be an Apple support tech or store employee for next several weeks.
