It would appear that Microsoft has made good on its promise and implemented cloud storage of profiles and game saves on the Xbox 360.
A recent update has made it possible to recover your Xbox Live Gamertag across multiple Xbox 360s and access saved data, however at the moment it is only possible with certain Xbox Live Arcade titles.
No doubt if this is successful then it should spread to more games and eventually the whole system.
Microsoft announced plans to introduce cloud storage at this years E3;
“We are making it easier for you to sign into your Xbox Live account
from any console at any time to access your game saves and full
“Cloud storage will allow you to enjoy the same great Xbox Live gaming
experience even when you’re not in your own living room by giving you
the option to store your ‘game saves’ securely in the Xbox Live cloud,
instead of on a portable memory unit or your console’s hard drive.”
“Gone are the days of ‘gamertag recovery’. Now all you need to do is sign in, no matter where you are!”