Cloud storage providers can go down for different reasons. Crappy legislature is one of them. If you entrust your valuable data exclusively to one provider without having copies and/or backups somewhere else, you are doing it wrong.
I agree. It's 2012 for God's sake, How times do you have to see the commercials and ads about not backing your stuff up before you get a clue?? I would also add if you think using shady file serving companies to store your legitimate files is a good idea, then you're also doing it wrong.