Apple's landfill chip
This all sounded good until the iCloud part. That's an unacceptable instability, unacceptable risk of leaked personal information, unacceptable planned obsolescence, and unacceptable single point of attack for all HomeKit devices. The irony is that entirely depending on iCloud makes them exactly the opposite of cloud devices. This is classic client-server pairing with a proprietary protocol. There will come a day when Apple says your HomeKit devices are no longer supported - maybe before the warranties are up.