So I thought it wouldn't happen to me....
I was messing around with Mighty5 today and tried installed the Rhodium keyboard. For some reason it screwed up my keyboard and I couldn't type my exchange password in after soft-resetting my phone. After 10 attempts it HARD REST my phone and erased my beloved storage card. This included all my pictures, music, Garmin XT coordinates saves, school documents, work documents, and my Pocket Quicken database (checking account).
Grrr... Back up that stuff on your computer, don't be a victim!!
I always take out my memory card when doing a ROM update or hard reset. So nice that windows did that without even asking this time....