The dark cloud
Cory Doctorow discusses the dark side of cloud computing in Not Every Cloud has a Silver Lining:
Here's something you won't see mentioned, though: the main attraction of the cloud to investors and entrepreneurs is the idea of making money from you, on a recurring, perpetual basis, for something you currently get for a flat rate or for free without having to give up the money or privacy that cloud companies hope to leverage into fortunes.
That is, of course true, but for computationally or memory intensive computing, it is probably still the way to go. And of course, it all comes down to pricing as well. It doesn't matter so much that I pay per cycle used if I end up paying less than running my own computer...
Anyway, read the piece for a different view on cloud computing.