The Personal Cloud is what we should be building for ourselves. Servers running in your closet at your house.
The main fight needs to happen at application level, not infrastructure. Cloud services are already mostly transparent and interchangeable. But applications aren't. The problem is, it's the application vendor that owns the code, determines where's going to run, and asks you to send over the data. How it should be working, is that you own the data and determine location of computing, and own or rent code to be run on that data.
An encrypted hard disk with the key on a USB stick would be enough, just keep the key somewhere separate and you'll only have to plug it in when there's a power outage.