I've already got something that does this and it's been out for quite a while now. Seagate Wireless Plus. 1TB media storage... it works with either the app or can play media through any browser.
Um I already do all this and more using iCloud and my media server running iTunes. This device makes no sense for someone with iDevices.
That may be true, but does your media server come with a built in battery while having a wifi transmitter built in all while fitting in a pocket sized space? There are plenty of uses for this that a regular media server can't easily fulfill. Combine that with being on the road with no 3g/4g connectivity iCloud becomes pretty useless.