Not only is it the same as before, but we have an added problem. Mainframes used to be used pretty much exclusively for work/study, and more often than not, the employer/university also ran the mainframe.
But now the usage model is completely different. From online banking to social applications, the data stored is far more sensitive and personal, (In effect, you entire life can now be traced from your laptop) and with cloud applications, you lose data ownership. Serious problem. until that is reliably addressed, "the Cloud" seems like a very bad idea if you care about privacy.
And with the EULA you have to sign, if something goes wrong, you are completely S.C.R.E.W.E.D.(TM)
It's why I'm still lukewarm about Google Wave. Instead of storing the emails locally, they're stored on your wave provider's network. (which isn't necessarily bad. it is the same as a conventional gmail account) but for some situations, you really want to preserve data ownership. (Which means that you have to run your own *something* server, and more often than not, that simply isn't allowed by the providers, so you have to build from scratch (At least google got that right. open sourcing the protovol makes the thing paranoid-friendly))