Full Android back-up ("icloud but for android")?

The day before the Nexus 5 was official a guy who got one early on Reddit was answering questions about the Nexus 5.

The most interesting feature he mentioned was "complete backup solution, think icloud but for android".
This is something Android has been missing for years.
Although now The N5 and KK are official i haven't seen any website or review talk about this feature at all, so was the tipster wrong or has nobody covered this yet?

Wbgsshk_medium

Im sure The Verge and other sites will have a full review up tomorrow, having had the device all weekend, so hopefully we can find out then.