Yeah I'm having problems seeing what is actually stored too. I am assuiming this would work like the rest of iCloud, if I had two macs the relevant settings would sync, which is why I was wondering.
Also for backup - I tend to store all documents in iCloud, and I have most of the apps i use from the App Store, so for me to do a Time Machine is more effort than its worth, so I was wondering what I would loose, either setting wise or customisations, by not backing up and relying on iCloud syncing for recovery of my system