Yeah - this works well and there are no catches. The data is in a few human readable files and there's a path in the config file (.taskrc) pointing to the directory where they live.

So you just move the data folder to your dropbox and edit your .rctask file accordingly. Of course you need to do this for every computer, so it makes sense for the few machines that you usually use but you don't really get the available-anywhereness of an online app.