So far we're using iCloud in our house for Calendars, Contacts, and Find My iPhone. It has been very helpful for calendaring, except, as I've indicated before, if you have a lot of calendar history the over the air updates take a lot of data. (See https://discussions.apple.com/thread/3422039.)
I too used to feel that keeping my data in the cloud was "risky and foolish", but the benefits of being able to see and update each other's calendars through the day in our very busy lives has changed my mind.
It's not true that the data is inaccessible if your internet connection goes away. Each of our iPhones, iPad, and Outlook on my PC keeps a local copy of the calendar data that is perfectly useable when there is no network connection.
My only concern in this regard is that on my Windows PC the data seems to be stored in some proprietary iCloud database format rather than in a file that Outlook natively understands (such as a .pst or .ost). This means it's hard for me to know for sure how complete the cache is and therefore whether my regular backup process is preserving all of my data. But I figure that between Apple's own redundancy measures that they are probably taking with iCloud, and the cached copies of the data on my iDevices and my PC, I'm probably okay.