I don't like the trend that cloud computing lean towards. We already have large amounts of our personal information being collected and stored and our activities tracked and kept and organized into profiles which the business world passes around & sell to one another.
Corporations time and time again abuse their power (obviously not all, but yes many do), I wouldn't be surprised if less then admirable things are being done in the way some handle our personal information. So with cloud computing i wouldn't like to risk even more of my personal data including every word document i type being on some server in the hands of a corporation somewhere else in the world indefinitely.
Centralization of our personal data in someone elses hands whom we never will meet or see, and who we can't hold accountable because we cannot monitor their activities is troubling imo.
Even if companies are angelic white galiant knights with your personal data, personal information gets stolen from businesses all the time. Just wait till some hacker steals intimate private photos of you and your wife/gf off Yahoo/Google/MS/IBM/HP/Dells centralized servers because users no longer store the photos on their hdds (or some employee takes them off of the server, or the business itself sells some of the server content via a shady business deal to a 3rd party).