The MediaWise project aims to expand the scope of existing media delivery systems with novel cloud, personalization and collaboration capabilities that can serve the needs of more users, communities, and businesses. The project develops a MediaWise Cloud platform that supports do-it-yourself creation, search, management, and consumption of multimedia content. The MediaWise Cloud supports pay-as-you-go models and elasticity that are similar to those offered by commercially available cloud services. However, unlike existing commercial CDN services providers such as Limelight Networks and Akamai the MediaWise Cloud require no ownerships of computing infrastructure and instead rely on the public Internet and public cloud services (e.g., commercial cloud storage to store its content). In addition to integrating such public cloud services into a public cloud-based Content Delivery Network, the MediaWise Cloud also provides advanced Quality of Service (QoS) management as required for the delivery of streamed and interactive high resolution multimedia content. In this paper, we give a brief overview of MediaWise Cloud architecture and present a comprehensive discussion on research objectives related to its service components. Finally, we also compare the features supported by the existing CDN services against the envisioned objectives of MediaWise Cloud.