Can you record your genealogy entirely online?

Here is a link to a brief presentation by FamilySearch.org about what is "Coming Soon." I noted the comment in the short video that you can discover, build, preserve and share your genealogy (family history) entirely online. This message is clear that a local genealogy program is no longer in the agenda.  That's fine if you trust what is online. Are we now to tell those around us that they no longer need their own genealogy program running on their own computer?

This comment is especially interesting in its timing. Considering the fact that Family Tree does not yet have a printing function or a way to download the contents of the tree without using a third-party software program. What effect will this comment have on the viability of the desktop genealogy programs? How does FamilySearch.org Family Tree compete in this regard with other online database and family tree programs such as Ancestry.com and MyHeritage.com and many other websites?

Am I to abandon my long-term commitment to local genealogy programs in favor of promoting online solutions?

Notwithstanding this comment, I will continue to promote the need to store your genealogy locally and have control of your own data unless I see that there is no other alternative.