I've been waiting for something like this, the question is how well does it work? Apple's saving of my old photos to iCloud is actually somewhat annoying – I've become used to being able to quickly browse through my old collections at will. What's worse, the times I have enough downtime to go back through old photos and videos are when I'm on a plane etc. without internet access. Local storage is cheap, I still think I want almost everything local until bandwidth and availability of internet are 10x better than they are today worldwide.