Hmmm, notice anything missing? That's right, video and streaming. For now, video was largely absent from Jobs' spiel -- both premium video (motion picture, television) and personal video (your own video captured from your iPhone, etc.). Jobs' troops apparently couldn't secure the premium video streaming rights they and the entertainment companies feel they need for iCloud -- not yet at least. And, my guess is that since premium video streaming was not yet ready for prime time, Jobs and crew chose not to focus on personal video streaming.
That undoubtedly will change by the time iCloud launches later this year. Video absolutely will be front and center at that time given Apple's relentless focus on video (FaceTime, HD video capture from the iPhone, etc.).
Let's take a brief look at Photo Stream (here is Apple's official link), a cloud component that was featured in yesterday's announcement. Photo Stream enables the consumer to take a digital still from any iOS device and immediately push it into the Cloud for playback on any other iOS device, so long as you are connected to Wi-Fi. Right now, Photo Stream makes no mention of enabling the same thing with your personal videos; nor does Photo Stream feature immediate sharing of your personal media with a family or friend on a non-iOS device. But, can there be any doubt that personal video streaming and sharing is next? While video and video sharing is much more of a challenge (think optimizing video delivery across multiple devices, including non-iOS devices, and think much larger file size among other things -- longer upload times, more storage), the video game is "on" and Apple will continue to try to lead it. And, let's not forget that iCloud chose the word "Stream" in the context of photos -- of course, this is not by accident. This is a set-up for the full panoply of personal media sharing -- including personal video streaming.
Right now, video streaming is the missing link ... but not for long.