Is using Megaupload with premium account good backup?

I wanted to get a lifetime premium account and use megaupload for an online backup. Its not data that I will need frequently, just videos, audio, pictures and stuff. It seems they have been around for a while and they dont have any filesize limit so that seems good also. Its one time only fee of 200 euros so no yearly thing like many other websites and you can password protect all your files.