Yeah, I tend to take a similar approach when people tend to go all 'gaga' over 'WEB 2.0" applications - where you no longer need software on your computer - just an internet connection. Too many times I've seen how absurdly unproductive entire enterprises can be when some fool with a back-hoe hits a cable, or a truck plows into a transformer somewhere between a main branch/office and teh intarwebs.
In fact, i usually tend to be pretty vocal against 'cloud computing' in this sense.
But some aspects of cloud computing sure make sense (like the CPU/processing stuff and file distribution services that i pointed out). Still not sold on it as a desktop replacement though. (Which is kind of funny when you think about it - as the intarwebs were really designed around the notion of surviving a nuclear attack - yet they still can't address issues like what you're describing like when a back-hoe is involved...)