When I first heard about this I was really excited, but then I realized that if I dropped or lost my phone, my entire environment would be gone. What do you think about that issue?

I think I'd still do it, but I'd really like to have some sort of automatic sync to another hard disk. Maybe when I plug it into my desktop docking station, it would automatically sync everything to the hard disk I have there. That would really be the best of both worlds. (I seem to recall some Ubuntu feature like that, but I don't remember the details.)