It's pretty nice, and I was thinking to myself - hey cool, I could make an online backup of my code. Then it occured to me - who the hell is this guy, and why should I trust my code to be on his server!?
That's a huge issue you should consider. Why would people feel comfortable leaving their valuable stuff on "Drews" server?
data's stored on s3, and encrypted before storage -- there'll be another option to enter in an additional passphrase (or private key) when installing in order to encrypt your data before it leaves your computer (kind of like what mozy does.)