Announced in a separate press release following Microsoft's E3 2011 press conference, the company announced cloud storage is coming to Xbox Live for game saves and your Live profile.
Cloud storage allows players to sign into their Xbox Live profile from any console to access their game saves and full profile, including items such as Microsoft Points. "Gone are the days of 'gamertag recovery,'" Microsoft said. Game saves can be stored "securely" to Xbox Live instead of memory units or hard drives.
This will be part of the new dashboard update this fall.
Source: IGN.com (http://xboxlive.ign.com/articles/117/1173002p1.html)
This is huge in my opinion. I was hoping for something like this for a long time and I'm glad Microsoft is making it happen.
+1