Steve Jobs unveiled the new iCloud service at WWDC today. iCloud stores a users content in cloud and wirelessly pushes that content to all devices. The services will be free with no ads and be completely integrated with the apps found in MobileMe -- and they've all been rewritten from the ground up. Contacts and Calendars that are created or modified on one device are pushed to the cloud and the changes propagate on all other devices instantly. Calendars also have had sharing features added so you can send them to friends or coworkers.
iCLoud also allows users to propagated app and iBooks purchases across devices. Purchase an iBook on your iPad and tap the new iCloud button and the same book will be downloaded on your iPhone, for example.