Honestly it really should just remind people how trivial everything we do really is. I guarantee 99.9999% of people don't have files that are at all critical. who's life was in the balance due not getting to iCloud? what company just went out of business because they couldn't access a spreadsheet at that exact moment?
It may be trivial from a life view perspective, but if you've stored something on the cloud that you need for a meeting and can't retrieve it-- then in the short term you are going to be very stressed. It's unlikely a company is going out of business, but what about my individual concerns? They don't matter?
I'm talking about cloud computing in general now--not specifically iCloud. I'm concerned that many device makers are just assuming everyone will work from the cloud and so we are seeing devices with 4GB of capacity.
This makes people not only reliant upon buggy cloud services (as has been demonstrated today) but sometimes forces the person to also rely on capped, expensive data consumption. If you're away from home how does it make sense to spend $20 in data to stream a movie you've already paid for?
Local storage is the most simple and reliable solution. There is a place for cloud services, but it is in addition to and not a replacement of local storage.