The best cloud is the one that you own. Once ownCloud was founded I never used public cloud offered and hosted by a company to keep my files. I do use Dropbox and Google Drive, but the primary purpose is to share files with a set of people. With each release ownCloud is becoming a very serious contender to these commercial offerings when it comes to file storage, syncing and sharing. OwnCloud Documents are already an impressive alternative to Google Docs and offer full ODF support which is missing from Google Docs.
The recent agreement between the US and the EU is the third attempt to secure the transfer of personal data from Europe to the US. Holger Dyroff, co-founder and COO of ownCloud, does not see the new regulatory attempt as a satisfactory solution.