Blog Post
While we are (were already) looking seriously at Xero, it is still could-based and has the same potential issues. Before jumping ship, do a good trial. There are a number of features in MYOB which don't exist in Xero. Part of our evaluation process is trying to decide whether we can do without those features even though we use them daily, in return for all the integrations available with Xero and other software programs we use.
By all means, jump ship, but check the water first. :)
Xero also has no phone support, they don't even have a phone number for sales. In order to ask questions before buying their software you have to sign up for a trial then go through their email support to ask the questions. MYOB's phone support might not be as great as it used to be, but it does still exist in some form at least.