The risks involved with storing all of your data on a remote server, including your OS and all of your aps, are clear. However, I would like to bring up some possible positives to the general home computing world, but not necessarily to us members of a beta forum waiting to test beta software.
My first thought is to Microsoft. Instead of marketing a full suite of software app licenses, OS, Office, Web design, etc, they market a subscription comprising a log-in to their hosted OS and software apps. Very little to install. No software to copy and pirate. No millions of virus compromised computers in bot nets spamming the WWW. The home computer needed to access the hosted web site could be quite inexpensive. It might even be marketed in the same way Cell Phones are, given away free with a two year contract.
However, the Microsofts, AT&Ts and other huge businesses are not the only players. Imagine your local ISP investing in the server capacity to provide cloud computing to its subscribers? When signing up for Internet access, again you may be given the home computer preconfigured to access the ISPs servers as part of the normal contract for services. Look at how this might make computers and Internet access available to those who simply could not afford a computer before? And think of all those computer users who either are incapable of maintaining and securing their own computer or just do not care. The ISP taking this responsibility for maintenance and security might be a relief to those who don't want to be bothered and just want to surf.
The possibilities are infinite!
