This sends the file in transit over SSL, but encrypts the data at rest on EC2. That means you must completely trust EC2.
Worse, based on the comments in the blog, it is unclear who has the key that is used to encrypt the files:
hotzyco: "What key AES uses to encrypt files?"
Response: "Sorry hotzyco. We can not give out that information."
If Zumodrive controls that key, they have access to your data.
Since they'd want to deduplicate equal files across different users, to save bandwidth and storage costs, I imagine the keys they use won't be user-by-user. They'd be defined file-by-file, or block-by-block, with the keys being stored elsewhere (but where?), or there's just one universal master key. Considering their security is just theatrical in nature, I'd bet they have one master key.
No, they'll create a humanoid form Cylon that's a tremendously hot blonde. She will seduce you and steal the encryption keys. "All this has happened before, and all this will happen again."
Worse, based on the comments in the blog, it is unclear who has the key that is used to encrypt the files: hotzyco: "What key AES uses to encrypt files?" Response: "Sorry hotzyco. We can not give out that information."
If Zumodrive controls that key, they have access to your data.