Why not carry the dumb terminal in your pocket and drop it into a monitor and charging station at a client's, a cafe, a friend's, etc? That way you have local access to things that should be local (I don't always have Internet access on my phone here in Michigan, but I still want to listen to music), but cloud access as well? Phones are pretty well tied to the Internet these days anyway.

These two futures don't have to be mutually exclusive, and I'd argue we'll see them both on the same device at the same time.