(If you don't feel like visiting TechCrunch.)
Just for the sake of argument, why rent when you can own? For $99 a year, you can buy a 2-TB external drive (Seagate's is $90 on Amazon at this time) and keep backing up your stuff to fresh hardware.
If you plan on subscribing to Amazon Prime in perpetuity, great. But if you should change your mind, you have a pretty big downloading task ahead of you to get all these images and move them elsewhere. Of course, you do have them all safely backed up on at least two local devices, do you not? In which case, why pay extra for AMZN's service?
I let Google+ back up my phone photos and videos because why not? It's convenient. But I still plug in the phone and pull the camera folder onto a hard drive periodically.
There's also the privacy consideration. Now that we all know the NSA can take our data arbitrarily, secretly, and with impunity, do we really want a pictorial guide to our lives to be out there and available for them to peruse?