The iCloud would automatically back-up daily content like purchased music, iBooks, photos, videos, device settings, and app data through WiFi. Meanwhile, Documents in the Cloud would sync Pages, Numbers, and Keynote data between all iOS devices. Apple users would be delighted to hear using the iCloud would not nag them with endless advertisements, while calendar, mail, and contact sync comes free of charge (for up to 5GB).
Another feature of the iCloud is the Photo Stream, a single photo gallery that exists on all of your iOS devices, Apple TV, OS X, and even Windows PCs, syncing all of your images through the cloud. For instance, if you take a photo on your iPhone, it would also appear on your laptop and iPad, which will be stored in the cloud for up to 30 days.
And just as expected, Apple's MobileMe bows out. No new registrations will be accepted, while current subscribers can still access everything until June 30, 2012. Also, if your subscription was auto-renewed, your would receive a refund.
source: Gadget.com