I've got a friend that uses creative cloud. The files are stored locally.
I use Video Pad Pro for everything video related so I can't speak about CC personally.
A guy from work says he'll never go cloud simply because he doesn't want to risk his work
being stolen due to some security hole or whatnot, which is a real threat to editing work
on an internet connected computer. That security hole could be in CC, could be in Google Chrome,
IE, Windows 7, Mac OSX 10.7 through 10.9 etc....
If it's connected to the internet, it can potentially be compromised...
NOT GOOD if you're Paramount Pictures or Sony Entertainment, etc.
So all of the big players will naturally avoid CC like the plague due to the potential risks.
And personally, I wouldn't use CC for a business venture because of this risk.
When I'm editing my low budget movie that I've put MY hard earned dollars into for production costs, I will do all of my editing totally offline to avoid the risk of my work being STOLEN from me. I don't want copies of my work getting out before I at least make a deal with a vendor or two and ship my product.