Since this thread goes on, I thought I would pipe in here again and answer the original question with; no it is not totally worthless.
Is it lacking? Definitely, yes.
Have users been misled to believe it would be perfect? Yes, it looks like it. Everything has been cleverly worded, so they can go back and point at the exact words and claim that "we didn't say so, did we?" - but the overall impression one was left with was that there would be smooth, elegant and effortless syncing across all devices, included Macs and PCs. So far, that is not so.
Thus, it really doesn't matter that it is free. Lots of us were paying customers but the service we paid for was closed and we were not given a paid-for replacement, which I think we would have gladly accepted.
MobileMe had its problems and so had iDisk, but at least to my impression, they had been ironed out.
And what upsets most people, is the fact that we were led to believe that it would be a different solution than the one we have been left with. Those who claim that Apple always have made it clear that it wouldn't sync between Macs, PCs and iOS-devices, should show us when and where that was clearly stated, without leaving room for misunderstanding.
When that is said, as a Mac-user since 1998, I would like to say that this myth about Mac-users all being fanatic fanbois, is a myth which have two reasons for it. One is that it is mostly created by non-Mac-users who for some reason or other, haven'ÂŽt liked the fact that there has existed an alternative to Windows. Which in itself must be considered as a kind of "fanboism", as I see it:)
The other reason is the fact that Mac-users were often confronted with myths and false assumptions concerning the platform we had chosen, yes, downright ridicule. Since we actually were quite satisfied with our choice and also had many opportunities to compare it with the alternative, which we found to be of lesser quality, we of course took a position of defence and tried to explain things and debunking the myths and all the FUD. Hence the impression that we were fanatics.
The fact is that most of us always have been critical to Apple, believe it or not. But our criticism was mostly based on knowledge and not on myths and FUD.
Well, enough about that.
It seems to me that this thread shows that most people tend to end up with extreme points of view, which mostly contradicts each other. The reality is mostly more complex.
So, the answer to the question is still: no, iCloud is not totally worthless.
Is it lacking? Yes.
Should it be improved? I definitely hope so. It is very prosmising as it is and if it really gets syncing between absolutely all devices, I think that nothing out there will beat it, be it DropBox, SugarSync or whatever.
It is actually a shame that Apple left it like it is, half baked. They should have tagged it as a beta, just as well as they did with Siri.