I don't know - the whole cloud thing presupposes a pretty generous download/upload speed and for some things that's ok, but for others - not so much. Combined with a relatively small storage I can see why some would think it's an issue.
I'm rarely in a place where I could stream with great success - even home would have its issues with some video content.
There's probably going to be a time in the future where it's not as much of a problem, but until then the ability to store content and move it around between devices is still going to be pretty valuable for me.
But for ebooks it's pretty good now.
