One thing that really concerns me about the States is how little privacy you have - it's actually something which is making me think hard about moving there when I graduate. It really gets to me when the average person takes the view that "If you've got nothing to hide, then why should it matter?" - I've not yet been able to successfully explain to them why it's so important. I can almost guarantee that every one in say ten of those people will have had their account details leaked in one of the recent security breaches in the past couple of years (Anonymous, LulzSec etc.).
Anywho, rant aside, I think cloud computing is pretty neat from a consumer standpoint. I personally do not like the loss of control though and appreciate that Dropbox stores all of your files locally as well as in the cloud. I actually use Dropbox for all of my personal files, including my static blog - something which newer accounts unfortunately can't do due to the lack of Public folder!
It's highly possible in the next decade or so that most consumer services (which haven't already) will move to the cloud. There really isn't any reason for the average person to own a desktop computer, laptops and tablets are the future. Desktops will be the sole property of geeks, just like in the 80s.
Cloud infrastructures, due to their nature, are also a lot harder to take down. The frontend load balancers are extremely resilient, and the rest of the network is purely for computation - if one node goes down, another one pops up.