It's a fake trade-off, because you're choosing between lo-tech solution and bad engineering. IoT would work better if you made the "I" part stand for "Intranet", and kept the whole thing a product instead of a service. Alas, this wouldn't support user exploitation.
It's also my Plex media server, file server, VPN, I run some containers on there. I used to use it as a print server but my new printer is wireless so I never bothered
If there are not locks that work this way it sure seems like there should be. Using cloud services to enable cool features is great. But if those services are not designed from the beginning with fallback for when the internet/cloud isn't live that is something that is a weakness that often is unwise to leave in place imo.
If the cloud is down, revocations aren't going to happen instantly anyway. (Although you might be able to hack up a local WiFi or Bluetooth fallback.)
This does mean you need to setup a code in advance of people showing up, but it's an under 30 second setup that I've found simpler than unlocking once someone shows up. The cameras dropping offline are a hot mess though, since those have no local storage option.
http://www.ktvu.com/news/mistaken-identity-nest-locks-out-ho...