The difference, of course, is that in the 1970s and '80s, one machine going down affected dozens or maybe hundreds of people. Now, if Google Drive goes down, millions of people are stranded until it comes back online.
I like the return to the terminal/server model. It's convenient and familiar. That being said, monolithic services like Google Drive, iTunes Match, Dropbox, EA's game servers, etc., should really be more distributed and resistant to failure.
Could someone more knowledgable than myself explain how cloud services could be less vulnerable to universal failures?