Actually, I agree entirely. I read an article just the other day by a Tech Journalist, I think for the Washington Post or the such like. Anyway, basically his wife's Google account had been hacked, once they finally got in, all the work she'd been doing, all her correspondence with her dad before he'd died, all her photos from recent holidays etc... that had all been in cloud storage was wiped in seconds. When she tried to get stuff back, Google said that they could only recover 6 months back log of stuff, and that was that.
The Journalist was understandably a bit narked, and despite the fact that Larry Page was a good friend (and also someone who got one of the scamming emails once the account had been accessed), he decided instead to send an email to a guy he knew at Google who was head of data or something. (The intricacies escape me), anyway the email was basically "you cannot be serious" with a copy of the email Google attached about 6 months being the max amount of data. In the end his wife got the data back, because he happened to know the right people... But none the less... It was a good article at showing the weakness of data.
Now all my Uni work is in my Dropbox account. The fact that all that work is actually sitting on my computer as the main hub is more important. However ultimately I'd prefer a home server anyday, and only share limited files...
kd