Unless you are targeting a very narrow audience, I gotta believe the UTF cloud character is a huge mistake. In fact, I'm not even sure I'd use the word "cloud" for, what I suspect, is your audience. My mom won't understand "cloud" (let alone a picture of something weird)...but she'll understand "online". Of course, if you are targeting VCs...

I'm no designer, but something seems wrong with the typography, Logo aside, I see 3 setences with 3 different fonts. I find the last 2 hard to read. "Your photos are your memories" is too dark against the background and "we're not yet live" is small and messed up (I'll check tonight in a real OS).

As for what I think it could be? Flickr.