You wanna go at it? I'll go feature by feature:
iTunes in the cloud: Great on the computer. Useless on the device. Just sync. iTunes Match is rather pointless, as you can just store the stuff locally, and not be dependent on having Wifi. iTunes Match over 3G is nuts, as it would kill bandwidth like crazy.
Photo Stream: Tried that one, it doesn't work very well, it's really annoying to manage, much easier to use Dropbox for quick uploads, and Image Capture to move the images to the local machine.
Documents in the cloud: Only works with iWork in the first place, so it's useless out of the get go.
Apps, Books, and Backup: It makes no sense to sync apps, as you'd want different apps on the iPhone and iPad. I know I will have a lot less apps on my iPad than I do on my iPhone, and different apps too. Backup is pointless as it can be done locally.
Calendar, Mail, and Contacts: Doesn't really work with Google. GMail already syncs mail and contacts, and Calengoo works great with Google Calendar on the iPhone.
Find my iPhone: one useful feature. I have it turned on just in case for some crazy reason, I can't find my phone like a normal person. Obviously a very, very rare usage scenario. No one that I know uses or would use find my friends, most of them don't have iPhones.