I've been using git for my source code control, and I'm happy I switched to it. I found out recently that my hosting service was burning; apparently something electrical exploded, knocking out a few of webfaction's servers.
I noticed the problem only when I was trying to push my changes upstream from my machine back to the mothership.
Long pause, no motion.
No problem. I canceled the push, and just continued to work and commit changes to my local machine.
I remember back at my previous workplace how the knockout of our main svn server meant we got to take the day off because we couldn't get any work done. Of course, I'm not telling the whole story. Not only was that server knocked out, but the whole building in general: we had a power outtage for a few hours. So that somewhat undercuts the story a little; decentralizing our source code server still wouldn't have saved us on that day.