Randy Murray thinks about cloud computing and the end of updates:

We’ve already gone past the point where we have to go out and buy updates on discs. Now we download and update. And soon your device will update itself as it sits unused.

For some this may be frightening. We need to think long and hard about trusting all of our data to others. We need to think seriously about maintaining our own media and backups.

While he expresses caution, overall he’s excited about the freedom such a move to the cloud affords us.
I too am pro-cloud, and currently use iCloud and DropBox on a regular basis, but I’m also cognizant of what I sync. I’m also not a criminal, so I don’t worry about being caught doing something.
As I’ve written about before, though, I’m also I strong believer in keeping things on the Ground as well as in the Cloud. My music files, my photos, my videos, my documents, my designs — all my stuff is in my possession on my own external hard drives. On the ground.