Of most IP cameras, Dropcam's form factor is enviable. The lack of local storage is not. I've been on the search for something inconspicuous and similarly-priced for a while.
Edit: http://blog.includesecurity.com/2014/04/reverse-engineering-..., http://blog.includesecurity.com/2014/03/Reverse-Engineering-...
You can choose to use the other camera features like email, ftp or http photo alerts just realize that all that data will be "in the clear" as they travel past your router unless you encrypt them.
NOTE: Simply using an SMTPS to Gmail SMTP server is not protecting your content. That's just wrapping your content up in a pretty box for direct delivery to Google.