I am concerned about the same issue. I can usually see remote computers and Time Machine drives in the Shared section of the sidebar; now only local ones.
In addition, I usually have a long list of friends' and clients' Airport Extreme, Express and Time Capsule devices in my Airport Utility. Now all I have is the three here in the local network.
It seems to be specific to 10.7.2 and the iCloud preference pane?
I can still see the list of remote devices in the Airport Utility on my machines that are still running 10.6.x, even though the devices are registered with an account that I have migrated to the iCloud service.
Here's to hoping an update somewhere will rectify this.