Someone downthread quoted 10 days at 100Mbps is fine - when that's two years at 1Mbps a common end to end throughput.
Cloud computing is a massive game changer, but while the economics have changed, the laws of physics and calculus of reliability has not - at some point I cannot imagine not saying "my really important data is, once all is said and done, mirrored across those two physical hard disks in this physical location. Preferably encrypted with this key."
Moving across the network to retrieve from disk is always the slowest part of an operation. This is unlikely to stop being true. And until the entire internet thinks nothing of 10TB as a transfer then storing that much "somewhere" is always going to be far far less reliable than planning a storage stack taking into account topology, relevance, usage and risk.
We used to worry about fitting things into 1KB, not a word doc takes 1MB, neither of which trouble any modern network.
But to me, and I may be wrong, we are in the 1KB internet while these guys are offering cloud storage for 1MB word docs.
The vast majority of us can benefit from this. If not your home computers, then your VPSs or something like that.