However, they, and any other governmental or law enforcement entity will have, basically, unfettered, warrantless, access to your content.
Let's say, for example, that I was hired to do a video for a demolition company's use of explosives and I cut a montage of detonations to a public domain version of "Blue Danube."
While completely legal and only of interest to my client to sell his licensed services, I would feel somewhat concerned if this were living on Adobe's or Apple's or Microsoft's servers. Do you really believe that DHS, DIA, FBI, NSA, etc., would not take an interest and add me to some list or another?
I firmly believe that there are motives other than economic ones underlying the push to "cloud men's minds."

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Abobe Premiere is really painful to use compared to Vegas. I use Pluraleyes for sync a lot, on Vegas it's one button click, in Adobe Premiere it's huge long procedure, might as well do it by hand. No scripting engine in Premiere I guess.