Internet speeds are still too slow for cloud storage
Not just that, but even the fastest internet connection is horrendously slow compared to a SATA connected hard drive. I've used a so-called gigabit NAS device. At best I could push around 25MB/s on it. My internet connection is far slower as 10Mbps (around 1.2MB/s) downstream and a whopping 1Mbps (128KB/s) upstream. There's no way I want to do even a fraction of my work at those speeds when my SATA drive cruises along at over 60MB/s both reading and writing.
Apple has been working for 10 years to get rid of the file-storage system. It started with iOS, and has made its way to the Mac. iCloud entirely removes the concept of file-storage. Apps manage presentation of its own documents. Apps can store documents in iCloud, documents pushed automatically, with automatic updates on all devices when content is changed anywhere.
Doing away file-storage system from the Mac scares me. I'm not entirely comfortable with the idea of leaving personal information and incomplete data to iCloud from my future Mac system. I wanted to directly access to them from my Mac's HDD (and syncing with iPad or iPhone if I need it) instead of some wireless data-in-the-sky system. Potentially, any hacker can get into iCloud and steal your data.
Not just that, but even the fastest internet connection is horrendously slow compared to a SATA connected hard drive. I've used a so-called gigabit NAS device. At best I could push around 25MB/s on it. My internet connection is far slower as 10Mbps (around 1.2MB/s) downstream and a whopping 1Mbps (128KB/s) upstream. There's no way I want to do even a fraction of my work at those speeds when my SATA drive cruises along at over 60MB/s both reading and writing.