On their side, they have some very bright minds and some very deep pockets, as well as a proven infrastructure. But if they lose my data, they lose some analytics which may cost them pennies or perhaps dollars of ad revenue.
On my side, I have myself and whatever advice I can cobble together from friends and the Internet, a reasonable salary, and the occasional hour or two of spare time. But if I lose my data, I lose over a decade of accumulated emails and contact information.
I will gladly allow Google to back up my data (I use gmail to archive my call logs and SMS messages right now, in fact!), but I would rather be in control of the primary copy myself.