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I thought the iCloud/iTunes in the Cloud announcement was more impressive than the iOS 5 announcement. Having your music pushed to your devices from the cloud (rather than streaming from the cloud) is somewhat impressive. Everything else (having calendar & mail sync between devices, for example) seemed like it fell into the "What the hell took you so long?" category.
However, I do think that Jobs & Apple oversold the convenience of their music tagging feature. "Weeks" to upload your music collection? Seriously? Is Apple assuming people are still using 1200 baud modems to upload music?
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