When Picasa loses favor with Larry and gets shut down, his data is still safe he has just lost his ability to point people at Picasa and can switch to Flickr. My assertion (which I agree is yet unproven) is that we didn't start designing things this way because bandwidth to the cloud was always better than bandwidth to your 'home' (which was largely dial-up early on).
But unlike a pure storage container I'd love to be able to use an email service which will 'drop off' my email into this infrastructure, which I can read at my leisure but not have it stored in the 'cloud' where it can get lost (or perhaps spied upon).
In some ways your satellite TV receiver (especially if it has 'sling box' type capabilities) is sort of along the system design models of having a captive bit of compute/storage in your home that offers you service on the road and at home, and the vendor can push content into. Think about that for services other than just TV.
http://en.wikipedia.org/wiki/Freenet#Distributed_storage_and...
That makes your "cloud" into something more like an encrypted storage container than what we currently think of as a "cloud." How would something like, say, Flickr work on that? How would other people see the pictures you share?