I see all kinds of great reasons to use cloud storage for programmatic purposes. You can access it from anywhere which is handy.
For backing up personal files, I think those with security concerns have a reason to be concerned. That said, there's no reason you can't store your data in the cloud encrypted.
Microsoft Blob storage requires the blobs be chunked to sizes less than 100 MB or so (not sure but it's less than a large cakewalk project because I pass large cakewalk projects across it from time to time).
You can use 7Zip to zip your files, encrypt them, and chunk them.
I do think the cloud can be a useful tool, but I don't put all my backups in the cloud. I usually use it as a method to pass large objects over distance.
@brconflict >> you mention desiring to run your daw on any computer. I have a portable hard drive with Linux Ubuntu Studio installed and it comes with the DAW Ardour. I can boot my work laptop or home laptop to this OS and make a recording with my Fireface UCX in Class Compliant mode. The Interface and the portable hard drive and ANY computer is all I need.
Now, I can mix on Ardour or move my files to my Windows machine to mix with Sonar.
I could also boot my Windows machine and route Audio between the machines mixing in 2 Daws at once. That way, I have access to all my Sonar FX. I've never done this, but it's possible.