What you send through the Adobe CC Cloud is exactly what Adobe decides they want you to send through the cloud because they have control over it, not you.  You have no more control over what it sends to them than Microsoft users had over having an upgraded forced upon them.

You have no idea (or control) over what it sends or what it receives, and them giving you an option to switch something on/off doesn't mean it actually makes a difference or takes any notice of that setting whatsoever.  Companies especially ought to have more sense than to use these things for business.  It's not paranoia, it's fact, the web is littered with news articles about what happens when people have no control over their software and those who use "cloud" services.

Given that, I'd say it's not a matter "if" you'll get burned if you use this stuff, it's more a matter of "when".

Like the majority of those who have replied here, I wouldn't use Adobe CC even if it was offered for free, nevermind pay them for it.  I'm not a religious person but we can only pray that poor Shane sees sense and realises that Adobe are only for diehard Adobe Fanboys and Fangirls these days - people are dropping them like dirt.  We have a lot to be thankfull for though, because since Adobe's greed got the better of them and they started doing this greedy money-sucking thing, they've been driving users away and helping the better alternatives out there get a nice strong foothold.

It's the same with what happened with Microsoft and their arrogance.  Windows 8 and the "forced" lack of the Start button was no doubt responsible for pushing more people onto a GNU/Linux distro than anything they've released to date (that's why Windows fanatics now have their button back).  The "forced" upgrade will push even more people away, so let's hope they keep it up, Apple too, because all three of these companies are driving people away and onto the better products.