Aren't we all going to be keeping the music that we own (and the photos and video that we made) in some cloud or other (possibly iCloud) and then hoping that *they* have a proper back-up strategy (and hardened security etc etc)?
As one with a chronic mistrust of government, etc, the thought of only being able to get literature, music, etc only from the cloud is a day I don't look forward too. Certainly makes it a lot easier to rewrite history, events... if no one has a hard copy. Also, with more and more network providers charging "per bit", I think I try and keep as much as I can, on my own server.