Of all of the stuff flying around to be revealed at this event, this one seems the most interesting to me. I think iCloud is a mess regardless of what Apple builds into it because the links to it are controlled by AT&T, Verizon, Comcast, Time Warner, etc. I think Lion continues to look surprisingly thin in "wow" features, including rumored features.
But this is really interesting. I too would love to see that centralized iTunes server (NAS) built to a "just works" Apple spec and also doubling as a "pro"
TV. Centralize the home media library there and stream it from there to all the computers and iDevices in the house. Play that content on your TV without having to have any computers on. Etc.
Maybe even replicate some of the functionality of pogoplug
http://www.pogoplug.com/ so you have your own personal cloud stocked with whatever you want to access on the go. Note that this could be a way for non-iTunes-purchased content to be seamlessly merged with iCloud (iTunes purchased content) when you are on the go.
If there was one bit of pseudo-mainstream hardware missing from the Apple lineup (headless minitower excluded), some kind of "it just works" easily expandable home NAS would be it (IMO). I hope to see this announced next week.