Jesse was launching this at PyCon last week. It's a simple appliance NAS server that your normal, every day end users save files to via CIFS or NFS. It just happens to back onto the cloud. I.e: a secretary saves files to their D: drive, and it's in the cloud. And when you run out of disk space, you buy more from your cloud provider and suddenly there's another 10TB on your D: drive. I find this very neat as it brings…
But; back to the product - you're spot on. It's a auto-scaling NAS device, with snapshots/versioning, end to end encryption, etc. There's actually no need to "buy more" from the cloud vendor - we do that automatically/seamlessly.
Cloud storage is nice because there is no real "transaction" to buy new storage - you just consume what you need. So your office, secretaries, and CEOs can just write to the shared drive endlessly. The never ending hard drive, so to speak.