Couldn't agree more. How about photos, something supposedly mainstream?! Have fun recreating all the events/albums/locations on each device. It's just a pain to deal with. Instead, I save my iPhoto library on Dropbox so that I can sync it between devices. Sub-optimal, to say the least. Apple services have always been underwhelming.
I have a feeling iCloud is just testing the waters with Photo Stream. Full on cloud hosting of photo libraries is a large undertaking requiring masses of storage. I expect it will come eventually.