I wouldn't mind an iPhone 5 but I'm not going to hold my breath over it. It's a free albeit crucial service so I do think it's more of a PR issue than anything.
My guess is they will send out an apology letter to all those affected, possibly a $5 iTunes code but that will be the absolute most I can imagine.
Gmail has gone down a lot more than iCloud this year--not that it makes a difference but just putting in perspective that no one provider is perfect. MobileMe circa July '08 during the transition from .Mac > MobileMe was about the closest thing to a perfect disaster as I can imagine--it lasted nearly weeks and people lost e-mail (including me) so I think this iCloud issue is a drop in the bucket.
The reason I continue to use iCloud is because it is otherwise pretty reliable and there are no ads. My .edu address goes through Google so I have a Gmail and a Yahoo account, both of which have been down at times--I don't remember for much longer than a few hours but certainly the Gmail account has gone down before.
I think people need to take a step back and breathe.... I would like to see Apple be more transparent about what issues are affecting the service but I fail to see how they could've handled this any differently.