It does one thing only: deduplication.
All the other stuff needed for remote, incremental backups, e.g., moving files back and forth over a network, can be done with other open source tools. I think I have a pretty good command of moving files around with open source software... I do not need a third party to help me via an obfuscated blob of Python and who knows what else.
I like having control over my backups versus trusting it all to some closed-source, third party, "all-in-one" application.
In my mind having control and transparency will always be more powerful than handing over my data deduplication and backup to a third party, such as "Dropbox".
But I imagine there are few others who would agree. Forgive me for not loving Dropbox. Maybe some day I will see the light.