There's certainly a trade off between quality and convenience.

Personally, as most of my photos are quick phone-snapshots of events, I accept the loss of quality. I do like that Google Photos backs up automatically, so if something happens to my phone I won't lose all the pics. I also love the automatic things it does like making collages, memories (this day 5 years ago, or the holiday to X, now-and-then flashbacks). It's a very quick type of photo 'consumption' though, so it's very modern and in some ways a little superficial - but then again, how often do I pull out the old-fashioned photoalbums of physical prints? Not often.