Ya. The big concern though, is what do you do if a company that you have data with in the 'cloud' just closes up shop? Now, I doubt that will happen any time soon with Amazon, but then again, there have been really large companies that have gone bankrupt in the past.
Personally, I prefer to have physical posession of my data. I import all my ebooks into Calibre so I can manage them however I want, including conversion between formats if I want. I make sure that all ebooks I pay for are always DRM-free so I can use Calibre with them without issues. Also been hanging out at Project Gutenberg quite a bit of late. At present, I have have 1236 ebooks. I'm in the process of reading through the entire library of sci-fi at Project Gutenberg. That will keep me busy for a while.
I know a lot of folks who dig their Kindles though. Glad this article was posted. I texted a few folks who it might affect to make sure they aren't caught off guard.
Can’t argue with you there. I believe some online storage companies have already gone out of business. I think of cloud storage as more of a convenience - being able to pull my data to any device - rather than as a backup solution.