|It's a server/client relationship where you are the client, and:
1. You don't own the server or anything installed on it.
2. You have no control over changes to applications installed on the server.
3. The server might be a zillion miles away, and could be routed through a zillion miles of inferior wire or severe bottlenecks at any given time, giving you all the performance of a 386.
4. You can be disconnected from the server and/or services at a moment's notice, for any reason (network problems, billing problems, caffeinated keyboard at the server site problems, the-guy-you-complained-to-on-the-phone-doesn't-like-you problems, etc.) (And don't forget the ubiquitous "computer error" problems.)
5. Your work is accessible to a bunch of people who probably couldn't get jobs as developers, or who barely know what a computer is -- and their secretaries.
6. Anyone with a packet sniffer knows exactly where to put it to access your work, as well as the work of everyone else who uses the same server.
7. Most of your processing power is spent on maintaining contact with the server, up and downloading all manner of unnecessary files, background-installing whatever the server owner decides he wants installed on your local machine, and running background processes for licensing agents, update agents, and secret agents (And that's if you only use a word-processor. If you want spreadsheets as well...)
8. You pay and pay and pay for the above privileges, because the server owners obviously deserve money for nothing.
I wanna be a eunuchs developer! Pass me a bread knife!