If Governement, police or thiefes comes to your house they can stole your printed cold storage private keys
I can hide my paper wallets everywhere I want, and there isn't even a single chance of anyone finding out where they are. I could even write down my private keys in several parts, where each part is hidden in a different place -- believe me, no one will ever find it, even if I voluntarily allow the police to search my entire house.
Other than that, I don't care how secure Xapo's location is where they store people's coins -- main point of importance is that you are no longer the sole owner of your private keys, and that's the biggest negative aspect that there is. No matter how much nonsense you come up with in your post, there is no point into making people believe that storing coins in Xapo's service is better than your own cold storage forms....
There is a danger of hearthquake, floods, fire incidents and other natural disaster that can took your bitcoin Forever. Also your enemys can apply torture on you to reve al your papers location, luckly you Will survivor, In my case they Will have to kill me because i dont know mypasswords.
Well after all this Security, coldstorage bunkers, and space satellite surveillance, its true we dont own the private Key, but at least we know the Xapo owner. Wences Casares is just one of the PayPal directors and a well know high tech entrepeneur in silicone valey.