As reported on inflexwetrust.com Apple was remooured to be working on its own cloud based service. And today Apple revealed all the details.
As quoted from Steve jobs “iCloud stores your content in the cloud and wirelessly pushes it to all your device. It automatically uploads it, stores it, and pushes it to all your devices.”  All forms of data will be backed up via wifi so music, purchased books, sync Pages, Numbers, and Keynote data will be able to be sync between any or all of your personal devices running on iOS 5.  Along with this Apple also introduced its latest service called iTunes match which will sync all your music from iTunes into your cloud account as long as the song is listed on iTunes itself. So far its been a busy day for Apple. More updates coming soon.
