I think in the short term at least, it comes down to whether you are producing or consuming content.
Producers need some sort of local storage. A scratch drive to speed up workflow. That said, if you are producing anything worth while, you better back it up offsite (aka the cloud).
The cloud isn't going away and what is on or off your computer will become a technical detail that you would only consider if you were into this kind of thing. Quite a few people at corporations probably don't realize that saving something to their personal drive or even their desktop is actually hitting the metal somewhere off their machine.
I hope to build a machine in the near future (1-2 years) that will run the whole os and everything I'm compiling in ram. I patiently waiting for vboot to figure this out for me.
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