Problems with Web 2.0

I’ve read a lot about this, most especially by the seeming clairvoyants over at InfoWorld. What happens when all this networked stuff breaks? Could I ever lose my work and time spent tagging my bookmarks? Couldn’t Yahoo just decide to charge me one day to access them again? I know I can back them up to my computer, but a) do I have to; and b) then what’s the point?
I’ve been meaning to try out a large software project plan currently stored as great document in OmniOutliner as a Basecamp project. It works well but there are times where I’d like to not *have* to be in front of my laptop in order to make notes. Basecamp or To-Do List hit the mark perfectly, assuming I have net access. But what if Basecamp’s servers go down with an earthquake or a spike in traffic?
We’re not through the fog yet. I’d be curious to hear how others see their priorities in using webalized software vs. a local application.
Worth reading