How do I set up iCloud for a family? What is the right way to set up iCloud for a family? Assume that I want to share iTunes store account, have separate mail, contacts, bookmarks and notes, but have the possibility of sharing calendars and reminders, and have all devices appear under one ID for Find My iPhone. It would be nice to share data as well, so that I only need to add space on one account for backups. Is this possible?

If not, what is the best way to set up for a family with, at a minimum, shared iTunes account for purchases?
If you have multiple devices spread among family members and also share your iTunes account with family members, this should help:

Article: How to Use iCloud in a Family Setting:

http://appadvice.com/appnn/2011/10/how-to-use-icloud-in-a-family-setting-share-apps-but-not-contacts