It gets scary when the operators of the "replica" has the ability to delete files from your local storage as well. Amazon did this with Kindle & 1984, which caused a sizable controversy at the time. Next thing you know, somebody sends a DMCA notice to Dropbox, they delete your remote copy, and your local Dropbox folder is automatically updated to reflect the change. Whoa, no thanks.
Dropbox is also an apt comparison because part of the MegaUpload indictment has to do with their deduplication system. Dropbox is also very good at deduplication, which means that a single court order can cause all copies of an offending file to be remotely deleted from everyone's Dropbox folder.