Should I store photos in the cloud, in iphoto, or both?

I am trying to decide how to store my photos. I don’t have too many as of now, but want an option for the long term. I havea time capsule with a 500 gb hd, a mobileme account, and a mac with iphoto. I am considering an online cloud storage like smugmug which gives unlimited. My question is what is the best way to store photos? I have a macbook air, so I dont have alot of storage space. I like being able to access my photos at all times, but love the iphoto interface. most of my pictures arent very important to me, but I’d still like to keep them. Many of which are stil on my iphone. Can anyone help me decide what to do here? Is it possible to store in the cloud somewhere and access through iphoto? Thanks for your help!