Murphey's Law is the Law of the Universe ;)
One hosting provider I used, I forget who, had redundant everything, except some part of the power switching to the UPSs. During a regular UPS maintenance test it failed and half their datacenter went dark.
And I am sure a cost to match.
Most co-lo power outages are not due to both incoming power feeds failing; usually it is either human error or failure in the power equipment that is not redundant enough. It happens even at the best data centers.
Most network outages, on the other hand, are caused by human error. it's not very difficult to make your network extremely resilient to upstream failures; Even the smallest ISP is going to have more than one upstream. however, if you give the new guy access to the BGP routers, (or the old guy, when he hasn't had enough sleep) it's not at all difficult to break the whole thing.
Personally I think, the best bet is to just have a backup on Amazon. Sure its not as fast as switching to another dedicated server, but its just something to have in case of emergency, users can afford to have the page take an extra ms to load.
Has anyone done the math to see income lost per hour offline? (I'm pretty sure Twitter makes money for being offline. heh)