Just being devils advocate here and listing the disadvantages:
Disconnection!
The fact that you don't really own any software - if you stop paying the monthly bills you can't access it any more but you can keep using offline installed products after the initial payment.
Big / valuable projects may be uncomfortable not having their source code tucked away inside a network they control - one hacked account and their main IP is out on the net.
Limited extension ecosystem - with online services there is generally a control over it like facebook for example, but nobody tells resharper what features they can include
Forced upgrade - big corporations are still running .net 2.0 (.net 4 just came out). They can be slow to move and being forced to use the latest and greatest version of the app could be a too fast a pace for them.
Exposed to bugs - some people have wierd personal rules like they dont touch v1 software. If you always have the latest version you are exposing yourself to being hit by productivity consuming errors (security updates are a different category to feature updates but still if you are running desktop software you can isolate your security exposure and decide your own reasons to upgrade)
Interoperability - perhaps your app works with another app - they might not be able to keep up with the release pace of the main app and the interoperability functionality might lag while the other developers play catch up.
Centralised point of failure - no control over backups, redundancy, etc - its in the hands of the developers of the service.
Personally I find cloud based services very convenient and as time goes on now that I have a laptop and a desktop and a work computer and my friends have computers it becomes a chore to sync data between the lot. At the current stage we are still dealing with toy apps on the web but hopefully in a few years Silverlight will put a big dent in that.