"Plus in theory I could GPG encrypt my mail myself before I send it through this system if I feel particularly paranoid, while for joe average it will be more secure than before, but with (in theory) similar levels of convenience."
Except PGP/GPG is pre-quantum. You may want to assume the data center in Utah is really a cover for a black-project (read: years if not decades ahead of its time AND deny it even exists) working quantum computer.