Almost. With ZeroCloud (OpenStack Swift + ZeroVM + appropriate middleware), you should imagine Lambda+S3 in the same service! Your "function" executes much, much closer to the location of the data, it doesn't require "shipping" from the storage service to the compute service and back again. You can take in an object, perform a transform (e.g. text search, encryption, transcode, etc) and store the result as a new object.
If you think about it, it's kind of the future of large scale computing, immutable dataset + immutable compute, that can horizontally scale to huge numbers of nodes.