Before 0.8, you are correct that if you lose a disk, you lose the data. However, just because a broker goes down, that doesn't mean you lose the data on it - it just becomes unavailable to consumers. The log files backing Kafka partitions are fully durable append only files. So the durability guarantees are pretty good, even before 0.8.

What you're talking about is failover and fault tolerance, which are greatly improved in 0.8 with the addition of replication.