I also think a hardware failure is more likely than your computer and storage being stolen from your home or lost in a catastrophe.
Which is exactly why I prefer a dual backup. Primary is to the cloud for disaster recovery and enterprise class data storage. Secondary is local for speed and ease of recovery.
Recovery from TM is pretty fast in my opinion... but obviously not as fast as from a cloned drive. It is a 2 step process: 1) install the OS from the recovery media, and 2) Restore the machine via TM. The user interface of TM is hard to beat for simplicity.
If you are in a production environment, where very fast recovery is critical, then a cloned drive makes a lot of sense. You should also choose a computer that supports fast replacement of drives (such as a Mac Pro or MacBook Pro). The biggest downside of cloned drives for most people would be a lack of version control, vs TM which gives you hourly backups and hence, hourly versions. Hence... I would not recommend relying just on cloning... since the data is only as good as the most recent backup. I think it is impractical to clone more often than once daily (typically at night)... vs Crashplan+ which can perform continuous background incremental backups. (I have mine set to 15 minutes).
Since recovering from TM is fast enough for my needs, I do not need to clone. Plus, both our iMac and two MBAs are not easy to replace drives. The MBA's can be rebuilt in minutes. The iMac would take overnight to restore about 1TB of data. If I needed the fast recovery option provided by cloning... it would be my third backup.
In summary, my recommendation would be (in priority order):
1) Cloud based backup with unlimited versioning (ex: Crashplan+)
2) Local backup with versioning (ex: Time Machine)
3) Cloned backup (ex: superduper or CCC) if your needs require very fast recovery... and you have a machine that easily supports drive replacement.
One last thought: Even though Crashplan+ will do both cloud and local backup... I prefer to have both (or all 3 if necessary) backup solutions to use different programs. That is a safety net in case of error in the backup algorithm or setting user controls. Hence, I use Crashplan+ for cloud, and TM/TC for local backups.
/Jim