The  new service is Apple’s answer to cloud computing and an extension, and  replacement, of its online offerings. After the failure of MobileMe,  which was introduced back in 2009, Apple is attempting succeed with its  new replacement: iCloud".
What About MobileMe? Your MobileME account will no longer be available starting from June 30, 2012:
Effective  June 6, 2011, if you had an active MobileMe account, your service has  been automatically extended through June 30, 2012, at no additional  charge. After this, the MobileME service willl no longer be available.
What will happen to the content I have on MobileMe?
Apple has announced a new service called iCloud which  will be available this fall and free for iOS 5 and OS X Lion users.  When you sign up for iCloud, you’ll be able to keep your me.com or  mac.com email address and move your MobileMe mail, contacts, calendars,  and bookmarks to the new service.
So  yes, iCloud is the replacement to MobileMe, actually it is much more  than what MobileMe ever was. Here’s what you need to know.
Features
iCloud  includes features that were previously available in MobileMe, as well  as others we’re just finding out about now. They include:
Online Apps: many  of iCloud’s features have roots in MobileMe, such as online Contacts  and Mail Apps, which have been written from scratch, since according to  Jobs, they the company has "learned a lot" since it built MobileMe.
Heavily Enhanced Syncing: back  in the MobileMe days, syncing was merely limited to e-mail and  contacts. With iCloud, important files, such as documents and pictures,  can be synced across different devices. In addition, iWork users will be  able to edit documents over this service and see the changes in real  time, even between a Mac and an iPad, for example. That’s unheard of on  other Office suites. The same happens with photos, which can be streamed  to any device on the fly. Similarly to what happened before,  information that’s added or modified on one device will be immediately  pushed down to the remaining devices.
Backup: iCloud  will allow data such as settings, books, pictures, video and even Apps  to be backed up and show up across all your devices. That will eliminate  the need for huge set ups during system reinstalls, for example.
iTunes in the Cloud (Your Music Locker): this  service allows any newly purchased content, such as songs, Apps or  iBooks, to be automatically synced over the air to up to 10 devices. For  already purchased content, users will have the option to download each  song, App or book individually.
Availability
iCloud  and all its features will be available this fall, although there’s no  release date set as of yet. Developers can try out iCloud starting from  today.
Probably  the most surprising fact about this service is it’s price, or lack of  it:  iCloud is completely free. There’s a 5GB limit, although purchased  items and Photo Stream won’t add to it.
Whether  this service will succeed will solely depend on how much traction it  manages to get. Apple’s tract record on online services is pretty bleak,  but the lack of price tag could help build up the excitement. Only time  will tell.



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