The unlimited devices claim is not dishonest, you can really have as many devices logged into your account as you want.
As for the "unlimited storage" claim, there presently isn't a limit to how many files you can have stored. The only limit is the size of those files, which is 500 megabytes. While, yes, such a model is unsustainable in the long term, I don't presently think that it is a big deal. Otherwise the developers would be putting more effort into changing this. While I do believe changes will be coming to how storage works, I do not think that it is dishonest of the developers to use it as a selling point, because it is the current truth.