As yer we dont really have many details about the new iCloud service, although according to a recent report by the LA Times, iCloud will initially be available as a free service to users who download music from Apples iTunes store.

Apple iCloud logo
“Apple Inc. has just sewn up its contracts with the four major record labels Thursday for a cloud music service, with agreements from music publishers to follow on Friday, according to sources familiar with the negotiations.
Dubbed iCloud, the service initially will be offered for a free period to people who buy music from Apple’s iTunes digital download store, allowing users to upload their music to Apple’s computers where they can then play from a Web browser or Internet-connected Apple device.
The company plans to eventually charge a subscription fee, about $25 a year, for the service. Apple would also sell advertising around its iCloud service.”
Via: LA Times
The logo and the service itself are just “OK” to me, nothing special.