"What matters is the data and keeping it safe, but the cloud is already handling that chore for many of us, making the hardware more or less disposable."
No the cloud is not handling that chore for most or many people. What it's handling is the data we always wanted to have, but are willing to lose. IOW, that snapshot that I probably wouldn't have taken the time to DL from my phone, but am more than willing to post with Instagram.
When the cloud allows me to store my 4TB of photos and videos and other creative work for a price that is competitive with a HD, and at an upload and download speed where I can use the data where it is (rather than spend a week uploading and pre-downloading a large file), THEN I will agree the cloud is at a point where I could use it instead of a PC with storage.