I just got the same email, except I had 50GB. But I had already reset my renewal prefs for the free 5GB. All of my online storage is with Network Solutions as part of my hosting package, and with CrashPlan. I don't use PhotoStream or iPhoto, don't do slideshows, rarely use iTunes (and never Match), don't leave emails on the server, and don't use my iPhone for much beyond calls and email... so for me even the 5GB is overkill.
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