Yes, of course it's private! Who in their right mind would let the public look at all their personal glories for free. Did you think I posted this so Queen put it all up for free to the public? Hell no. That would be a serious mistake.
I just meant, this would be a nice system for them with the very loose possibility of making some content (paid for) available to the public. I'm no visionary, but I do like this idea. "The Cloud" is a very powerful idea for many. For instance, this may be the year I get to have all my music projects in the cloud, accessible anywhere I go - http://www.getgobbler.com
And I already use dropbox, which is good for smaller things, i.e. email, pictures, bookmarks, PC game saves, etc. etc.