(I apologize if I sound as if I'm telling you what you should be doing; I am really just trying to understand the motivation behind such a decision - but I fully understand that even if something seems bizzare to me, it's just my personal humble uninformed opinion).
Still not sure if it’s a good idea or not, but not being able to ignore node_modules was the real blocker for me before.
You can only revert changes to states that you have explicitly stored and uploaded. Dropbox does that automatically any time you save a file. That simplicity makes it more reliable. You will never lose anything you saved. And with rewind you can go back to any point in time. The advantage of git comes from its branch/merge features. But for a single developer on a small project that doesn't know git well that's not worht the complexity.
Two things that keep everything in sync:
1. Every two minutes my notesync.sh script runs, which basically does git add --all;git commit -am "New commit";git pull;git push.
2. Vim with AutoSave.vim which saves the document as I write.
Yes, there are a lot of commits, but I don't have to worry about losing anything.
Putting every projects in Dropbox with .git is the most awesome feature of Dropbox. With Dropbox's History and Time Machine feature, you will be almost never able to delete/overwrite your work permanently, even by intention.