After a triumphant announcement at E3 that the Xbox 360 would get the ability to store game save data directly in the cloud and recover the data from any 360 console, Microsoft's finally begun activating the feature for select games.
At the moment, cloud game saves are only active for Xbox Live Arcade titles, but we should see the feature roll out for the rest of the Xbox 360's massive game library relatively soon.
With Microsoft joining the cloud club that Sony's PlayStation 3 has been enjoying since March, the transition to storing all game-related data is nearly complete (Nintendo has yet to joint the cloud club). For years, gamers have clamored for a way to easily access their Xbox Live profiles and bring along their game saves to a friend's house and now they can. With game saves stored in the cloud, carrying the physical console or a memory card to another friend's house is a thing of the past.
Frankly, I see moving small data such as game saves to the cloud as a huge step for cloud gaming. In a few years time, the idea of having games streamed (like OnLive) will no longer be a novelty but will be as standard as blowing into a cartridge was back in the SNES and N64 days.
Update as of 7/6/11: Whoops, looks like our pals across the pond jumped the gun on the whole cloud game saves feature. According to Joystiq, the feature isn't live yet.