Sure seems that way with the announcement yesterday of iCloud Drive, a baked-in DropBox type cloud storage service. Check out the images on Apple’s site:
http://www.apple.com/ios/ios8/icloud-drive/?cid=wwa-us-kwg-features-com
That sure as heck looks to me like a file system. There seems to be folders tied directly to apps, as well as more generic folders. I wonder if they’ll use Tags to allow a spreadsheet for example to reside in both the Numbers folder as well as your own Household Finance folder.
In general, this looks exactly like how I currently use DropBox. I’ll happily replace it with iCloud Drive if it works as advertised. I have to assume that in terms of overall functionality it’ll be more powerful than Dropbox.
The iPad Alone 
Thanks for the info. None of the other people writing about the Apple’s event seemed to notice the idea of file system.
Thanks for posting. And yes, it’s strange how little attention this has received.
Let’s hope it also comes with a backup facility like Dropbox does. Without the ability to back files up, roll back to previous versions or restore deleted files, iCloud won’t kill Dropbox.
Thanks for posting. Interesting thoughts. What you’re describing would sort of merge iCloud Drive with Time Machine, at least for documents. My bet is that it won’t work that way out of the gate, but we’ll see.