I'm glad this is being developed, but it sounds like a straight copy of Live Mesh. Though I haven't seen the actual implementation of it, all the bullet points could be taken directly from the mesh architecture.
downloadable client
dedicated folder on the system
auto sync to web and to other computers
share with 3rd party by folder
web interface to manage and access files
Not that it's a bad thing, it's a very good system with both cloud and local backups, sharing and web access.
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