Is there a cloud based development for Django, such as there is cloud based development and hosting environment for Ruby / heroku
Heroku itself is now for Django. It supports Django with the new Cedar "run anything" release.
I now use Heroku for a few django projects. Setup, including adding a postgres DB and deployment is straight-forward, fast, and free or cheap for small projects. I use and recommend AWS S3 (via django-storages) to host static & uploaded files, and running gunicorn if you're using Heroku in production, all of which is pretty simple to setup. Heroku's own documentation for its support for python & django is pretty good. See:
http://devcenter.heroku.com/articles/django
it was sufficient for me, and should get you there and beyond.