First, although $120/year may be quite cheap in the world of cloud storage, hardware's cheap. You can buy a 2-TB external hard drive for less than $120. 1-TB drives are going for $60-$70 now.
So why pay rent when you can own? Buy a couple of 1-TB drives every year, copy your stuff onto both, and store one at a relative's house in another city.
Open a port on your home workstation and voila! you have "cloud" access to your data, and you can rsync it to external drives.
Yes, it's not quite as convenient and share-able as Google Drive or Dropbox, and of course the drive stored at your relative's house is not accessible, but at least it's a back-up.
My other concern can be summed up by 3 letters: NSA. There's been no resolution to the problem of unfettered access to people's private data. What's to stop the spooks from demanding my data from Google, all 1000 gigabytes of it, and Google is not even allowed to tell me it happened. No, thanks.