I like to imagine it as having a safe deposit box provided by a local bank. I have the only key and have proven that to be the case. I also store the key at home in another safe which is regularly serviced by bank employees. While they probably don’t abuse their position in the latter to access the former, it would be completely wrong to say they do not have the capability to get at my stuff.
All that aside, I love FF sync and rely on it everyday for work stuff. It is like magic and I’m very grateful for the feature. I am realistic about the NSA’s level of interest in my work calendar and the threat they pose to my day to day life.