As someone who lives in the cloud already, and has been for a few years, it's very easy and efficient. I use Chrome's sync to have all my bookmarks everywhere, lastpass to keep my passwords, pandora for my music, google reader for my news, github for my code, gmail and google calendar, and dropbox with a truecrypt blob for ssh keys, gpg keys and a few other things.

It's not hard to live in the cloud you just have to deal with a service possibly going away or falling apart security wise. If you make the proper precautions it's all good.