Very cool idea. However, from this description, we’re already there. At least, I am and many others. I don’t store anything locally, really, except financial data, a few of odds and ends, about 6GBs of (legally purchased) music, and the video games I’ve downloaded to my Wii and Xbox 360. I get my news via RSS feeds that I’ve chosen and are tailored to my interests.
What’s new about this?