i don't want to deal with hard drives. it's far cheaper in the long run to just stream everything.
Its your data and your responsibility. Giving up that responsibility may bite you in the end. What happens if they have a hardware failure and lose your data. It doesn't matter if they have a written guarantee, because you're data will be gone. Also what about data security, against intruders. If you keep your credit card, bank info there.
Personally, I want to be the one responsible for the backup, safety and oversight of my data. Its too important not deal with it.
Also another thought, what happens if you lose your internet connection for some reason. You'll not have access to your data.
Cloud computing is the flavor of month, every company is using the buzzwords and saying its the next best thing since sliced bread but people are rushing to embrace it without really knowing the full ramifications.
As for cost, hard drives are much cheaper then contracting with a cloud service. I can get a 500gb high end hard drive for 80 bucks. If want to pinch my pennies and find a cheaper model, that cost drops to 50 bucks.