I posted a bit of speculative commentary on the iPad and cloud in February 2010, before the device came out. And here you have it, the iCloud. From what I can see, it works exactly like I wrote, except maybe for the fact that you need to wait for a moment for the data to sync. Good thing those Apple Stores have a fast wireless network.
The next thing Apple will have to do is enforce all official Apple points of sale to have similar, great, wireless experience, so that the process works wherever you purchase an iPad.