Is the physical location of data becoming irrelevant?

I've said this before and haven't changed my mind that I would never trust all my data to be stored in the cloud. The Gartner research group says that the physical location of data still matters, but will become increasingly irrelevant and will be replaced by a combination of legal location, political location and logical location in most organizations by 2020.

Historically, people equated physical proximity with physical control over data and security. Although everybody knows that locally stored data can be accessed remotely, the desire for physical control still exists, especially among regulatory bodies. Gartner advises organizations not to dismiss concerns about physical location, and instead balance the discussion with other types of risk. 

That may be. However, Yours Truly will always have several physical back-up copies of his important data, as well as a cloud back-up.