Amazon's service gives you an expectation that 99.999999999% of your data will survive intact on average every year. So while you need to maintain your data logically, you can set clear expectations with respect to the integrity of that data.
The fact that Amazon's infrastructure may not be around in 20 years isn't especially relevant either -- neither will any maintained infrastructure. Tapes need to be refreshed, archival storage infrastructure usually ages out in a 8-12 years, and you need to do a TCO analysis each time to refresh.
The other thing is that you get physical isolation. Flooding hasn't been a problem in lower Manhattan or Staten Island in recent memory. How many safe deposit boxes do you think were destroyed in those two places recently?
Compare this with S3, where you will lose 1 in one billion files per year. Shocking!
The presentation of documents are critical as well. Will complex documents created in Word 95 render properly on the iPad XXXVI in 2040?
Archival file formats like PDF/A, open specification formats like OOXML and open source formats like ODF will help with this issue, but I'm sure there will be many audio and video files that will be unintelligible in 30 years.