You are not the only one. "The cloud" is neat, but not for everything. It also has privacy problems as we all know.
One advantage to web-based code editors is that you have it everywhere you have an internet connection. There's a problem with that too though; you need an internet connection.
I see web-based IDEs as potentially becoming a big thing in corporate enterprise world. I've worked in environments where we RDP into a secured secondary environment and had to edit code there. I see a browser-based IDE the next phase of something like that. Of course, you'd have to be able to set up this web-ide in a private corp environment.
But this is a good start for the indy web-developer working on certain types of projects.
One advantage to web-based code editors is that you have it everywhere you have an internet connection. There's a problem with that too though; you need an internet connection.