Anybody who remembers nirvanix is going to have the willies just reading this thread, those who were caught by it will see red.
Personally I think the risk that AWS fails is remote, but if I were to store a bunch of data with them I'd most definitely make sure that I would not be dependent on them. It would be a convenience at best, but never a dependency.
When was the last time the FDIC failed versus the last time an online storage vendor folded?