Cloud computing is only going to be as good as the end users internet connection can handle. IMHO it's a little premature, as alot of people still have limited / poor internet connectivity throughout the world.
I love my PC, not only does it chew through my games, but it's allways there and completes any task I throw at it regardless of internet connection ect.
Plus, theres all ready far to much information and personal data online thesedays to go giving away all your personal files ect and storing them on a remote server somewhere.
As we all know it's pretty easy for a server to get hacked into thesedays.