I’ve always felt Time Capsule, looking at it through DICoDE Strategies, is a key element in Apple’s strategy. You have a device that has all users’ data backed up, versioned, constantly connected, wonderfully integrated into the local network through Bonjour (also developed for Windows OS, you’ll notice) and that connects all Apple’s device through WiFi and/or Ethernet at home, in a “secure” network. I don’t think it is already fully integrated into Mobile Me though…
Now taking into account Apple going towards Cloud Computing and focussing on User Experience, we can see that their solution will be different from Google or Microsoft. Apple has been working on having seamlessly connected devices, through a local network (Bonjour) or a synchronization service (Mobile Me), covering all data on the first one and only a selected set of applications for the latter. Thus, I believe iCloud will be over data (à la Dropbox) and services. Imagine having all your connected devices, at home or away, having access to all your data, wherever they are. Some will be stored in the (i)Cloud (think Mobile Me services), and some will be hosted on your Time Capsule at home (think gigabites or terabites of files you own, including versioning managed by Time Machine).
In order to improve User Experience, some services will be added like a search tool that could go into history (including deleted files still searchable in Time Machine) and other features.
Now, let’s look at the real Cloud aspect of it. Additionally to what you already own, Apple will give you access (and this part will be subject to a subscription) to lots of content to be streamed/downloaded to any of your connected devices: films, music and anything that is featured in iTunes. Even apps for an iPhone nano? Why not… That would be a nice gesture towards carriers to increase data usage to people who can’t afford an iPhone and a nice diversification of the iPhone line of business.
I’ve sketched how it would look on 2 adjacent DICoDE Strategies models: one for the consumption of owned data, and another one for the subscription service(s). We can see it would strenghten the heavy position of Apple in the ecosystem, moving towards a subscription-based and connected world. And creating for the user an Ubiquitous Experience. Check this on this topic!