This is available when you clean install recent dev builds... I have made a test Install and so far nothing is different. It appears to be based on Professional... Has no usage limitations whatsoever. It does have a few missing folders from quick access and some other stuff. But is otherwise identical to Pro.
Cloud will probably be the foundation for subscription-based Windows. It doesn't allow installing with a local account (the Setup is not updated yet, to account for this).
Jeez I hope this isn't what Sun Valley is about...If that's the case... Sorry Microsoft, I'm moving permanently to Gentoo...
I guess the perpetual licenses stay with Windows exactly as it is with Office, there's 365 for the subscription stuff and the one-pay licenses for the subscription haters (like me).
Its for this new Cloud PC service they are working on Where you'll be able to access Windows apps on any device