I must admit that having your web host suddenly go tits up is not the worst thing that could happen. It is in fact a distant second to somehow losing your domain name. With proper backups a change in location is trivial. Recovery is still possible even with no backups at all, if you are quick. The stressful part is in choosing the host to relocate to.

The thing I am grieving is the ability to send emails. With my now extinct host I could set up a mailing list and people could count on delivery. I see outsourcing in my future, but I am reluctant.