Point One: "It" is only on the internet if somebody else already thought "it" was important enough to upload and somebody else provides resources to maintain "it" on a spinning hard drive.
Point Two: Fifty years from now, when kids are trying to find out what life was "really" like in the late 20th Century, they will find a huge vacuous void. While there still exists all the letters Grandpa mailed home from Europe to Grandma during WWI and all the letters Father mailed home from Europe to Mother during WW2, billions of emails sent home from Iraq will have vaporized into the ether of byte heaven. Likewise emails home from college, summer camp, ad infinitum.
Conclusion: "It" will be lost forever and a cultural "dark age" will ensue (again).