Dang... I feel like $80 a month is a LOT of money for 1TB of space. Especially when you can pay $70 ONCE and get your own 1TB drive.
http://www.newegg.com/Product/Product.aspx?Item=N82E16822324041&cm_re=1tb-_-22-324-041-_-Product
Of course there are many benefits of having your data "in the cloud," but I think their prices are way too high.
The price is actually amazing. MobileMe is $100/year for 20GB. Amazon is $20/year for the same storage plus Amazon is running a promotion through the end of the year where if you buy a digital album from Amazon, you get 1 free year of 20GB of storage.
Dropbox is $100/year for 50GB or $200/year for 100GB. Amazon is now offering storage for half those prices. This is going to be devastating for Dropbox since they actually run their entire system off of Amazon Web Services.
Cloud storage isn't comparable to buying a hard drive. Cloud storage includes redundancy, bandwidth, and syncing tools that add a lot of value. Plus of course the electricity and servers processing power necessary to access the hard drives.
I hope that Amazon either copies Dropbox's syncing technology or otherwise buys them out and integrates it. Dropbox is already amazing. At half the price its even better.