If I can look at my data any time I want, I just need the key to it. Dropbox just gives me access to the encrypted stream.
Giving access to my data to someone else would therefore just be a question of sharing the key with that person, again, without Dropbox ever having access to this key.
Your killer argument is to me #3. If you don't trust a company, don't do business with it. It all comes down to this.