The big difference between "hosted service" and "encrypted file in the cloud" is that the hosted service has, by definition, to store the key next to the lock to be practical.

The key for your encrypted file stays in your head (and/or in your wallet), so even a full-on total breach of Dropbox/iCloud, your key is safe, and 8 million rounds of 265-bit AES and a good password (my current KeePass settings) is still unbreakable[1].

1: Unless (perhaps) you have the attention of certain governments. And they always have the option of using a $5 wrench on you, anyway.