You're right, but that doesn't include licencing. There's no guarantee that Google won't retain any of your data.

Additionally, there aren't many online services which you can just expect to work after handing them that data.

Fair point, it's not "the open web" or whatever. But they do, practically speaking, do everything you need-- and it speaks to other comments about whether "the open web" is really offering something people want. (I certainly do expect any service I'm likely to use to import .vcf or .mbox files without much grief.)

This works for Google, but not everyone.