Haven't seen iOS 5 drop yet, but iCloud is open for business. 

Once iOS 5 is installed on your iPhone/iPad/iPod, you'll be able to take advantage of the new features. Presumably, there will be an update to OSX Lion to integrate the new cloud storage, as well.

More information on how to set it up on your iOS device can be found at Lifehacker: http://lifehacker.com/5846377/how-to-set-up-icloud-in-ios-5