Screw the cloud. My Office Webapps became unavailable at the most inopportune last quarter. My live@edu hosted exchange service went down as well. 

I like the services to be local, so I can go down the street and complain to them face to face. I think it is easier to pass the blame onto the hosted services, where no actual action will be taken to ensure 99% uptime.

I am not convinced, I am worried about bandwidth caps, to some extent privacy, but more so, I am worried about the lack of actual accountability.