Reason #2 "problems with EU privacy laws" is actually quite real. While the law itself is toothless (regarding the possible sanctions), it would disturb me as an IT manager or sales manager to just use a great service like Salesforce.com and to have migrated all my data there and trained mys stuff - just to learn that I was convicted to adhere to privacy laws in the EU and that any US based company cannot comply (because of US laws) and are now obliged to change everything. Too much of a hassle; I would simply directly go with a non-US service or run the software by my own.
Reason #1 "competitive information to US companies". This is a thread, but probably only to companies that are from interest to the US. If EADS or SAP would use Google mail, they would be truly insane. Same for some small companies in the very hightech market (e.g. for sensors, advanced software, etc.).
In any case: Two issues that weight enough to not use US based services aka cloud services if you are running a European company.
BTW: This has been known for a while and since the Patriot Act is in effect no European firm should have made other assumptions. Nevertheless, seems that we needed Snowden to remind us.