Apple has seeded OS X Lion 10.7.2 to developers through their developer portal. The 10.7.2 release introduces iCloud functionality for Lion.
No mention of 10.7.1. is made within the developer portal, indicating that 10.7.1 is likely a minor update to the OS we will see in the next few days / couple of weeks.
iOS 5 will be released by Apple this fall.
The below image posted on MacRumors gives an insight into the preference settings for iCloud on Lion.
