I believe Windows Cloud will end up being what we now refer to as Windows 10 Mobile and will be used on mid and low end Windows phones for 3rd party OEM's. I believe Windows on ARM will be used on high end Phones (devices) like the Surface Phone and will replace continuum. Windows Cloud is essentially what Windows Mobile is, a closed system that will be offered for people who don't want to spend more than 400 bucks on a phone and don't need a ton of apps. It can also be offered on budget tablets and HTPC's like the Kangaroo. Windows on ARM will be for the high end phone purchaser or business customer as well as for non pro Windows tablets which will run Intel chips. All of this will make continuum as we currently know it, obsolete.