timmmay:
It sounds like a lot of people are using a cloud backup program as their main or sole backup. That's not a great plan. In my opinion everyone should have a backup program doing incremental backups, with everything going to an external disk you store offsite, and a subset of that going to a cloud backup.
For example, I have at least 1TB of RAW and video files, personal and professional, spanning ten years. I have them on my PC, on a disk in my shed, and a disk at work. Why would they need to be backed up in the cloud? They don't, they're on three disks in two locations. On those disks I also have RAW versions, and on Glacier I have medium sized jpeg versions to fight format obsolescence. Pretty sure I have DNG somewhere as well.
I also have a backups folder, things like system images, most of that doesn't need to go to the cloud either. Neither does things like my music collection, which are largely static.
What I backup to the cloud is recent images (past few months that aren't offsite yet), documents, and financials.
That won't suit everyone, but I think the strategy of everything on disk, key stuff in cloud would make cloud backups viable for more people.
What are you using for versioning to local storage? This was one of the CP features I was using.



