Cloud is great. A USB memory dongle or a Secure Digital card may break or get lost while in the cloud your data has a lot of copies on different servers, if one brakes you don't loose your data. May be that is not be important for you but there are a lot of people that need to secure some data(me inclusively).
And Cloud is not only for data backup. Cloud means doing all the operations you do on your computer on a remote structure(I say structure because you don't know on which server it is, it is just there, sometimes shared between a few servers, secured, with backup solutions in case of 1 system failure).
I explained why would someone prefer a cloud instead of personal physical resources here: http://askubuntu.com/questions/10963.../110528#110528


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