I’m very disappointed with iCloud:

• Documents can’t be edited on iCloud.com.
• Documents can’t be shared with other people. There is iWork.com. But that is still beta and separate from iCloud.com.
• If you want to edit documents on your mac, you have to download it, make the changes and upload it to iCloud.com
• Migrating from MobileMe creates a new Apple ID. I can use my old @me address with iCloud but not in combination with my main Apple ID.
• Checking your iCloud mail with Apple Mail is slow (as it was with MobileMe)

I don’t think i will use iCloud for anything other than AddressBook/Calendar-Sync and FindMyiPhone