I personally would prefer to have per-document client-side encryption, but any encryption on top of what DigitalOcean is providing is a significant improvement. So I single encryption key would probably still meet my needs.
This is still mostly a work requirement right now, but that doesn’t mean I don’t want my files to always be available. I work on several laptops, a work desk, and from my home system. It’s not going to be a feasible solution to keep everything synced if it’s not client-side encryption.
The simple password protection mechanism is just not an improvement.