However, I would not want to build a company around bypassing local storage because when (if?) local storage becomes cheaper on mobile devices, there will be absolutely no benefit of using their product.
Then, as the photos and videos keep getting bigger and bigger due to higher resolution and quality, the bigger problem will be uploading those files to the "cloud" in the first place, not not having enough local storage. Because, compared to local storage, network connectivity for mobile devices will take longer to become mature.