From the keynote, the only thing I remember being called out as offloaded to the cloud was the HDR video - a feature that will show up eventually on the phone.

From the keynote, the only thing I remember being called out as offloaded to the cloud was the HDR video - a feature that will show up eventually on the phone. All of the AI photo-related tasks that the Google employees demoed, i.e. inpainting et al, happened in realtime. Rewatching the keynote just now, I see some of the Magic Editor-related scenes have the following disclaimer in tiny white text, "Features simulated and sequences shortened throughout ad. Magic Editor coming soon" - see https://www.youtube.com/watch?v=pxlaUCJZ27E&t=2416s https://www.youtube.com/watch?v=pxlaUCJZ27E&t=2416s