As anyone aware of the Matt Honan situation knows, one primary issue with "the cloud" is security.
His home computer, iPhone, and iPad were all bricked by some hackers who used simple social engineering to trick Apple into thinking they were him. That particular hole has been plugged (or at least has a band-aid over it for now), but the most certain thing in such an interconnected environment is that the next exploit simply hasn't been brought to public awareness yet.
There's always a trade-off between convenience of use and security, and "the cloud" swings heavily towards the "super duper hyper convenient" end of that spectrum.
- Gus "GSquared", RSVP, OODA, MAP, NMVP, FAQ, SAT, SQL, DNA, RNA, UOI, IOU, AM, PM, AD, BC, BCE, USA, UN, CF, ROFL, LOL, ETC
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"Nobody knows the age of the human race, but everyone agrees it's old enough to know better." - Anon