I agree with some of what you're saying - a lot of cloud computing feels like 2000-2001 all over again, particularly when people keep pointing to SFDC as a cloud service.
Having said that, there are real benefits to the business model (pay-as-you-go), virtualization and the automation/self-provisioning aspects. Many services can be delivered outside the enterprise firewall according to these principles and a lot of the distinction between SaaS that uses these and cloud are really semantic.
I also think Storage, Compute and Networking as basic services (a la EC2) are shortlived. Everybody will be offering these in essentially undifferentiated form in the next 12 months and it's not very clear how this level of cloud computing is anything but a race to the bottom.
If you'd like to continue the dialog by email, I'm reachable at indu.kodukula@sungard.com
-Indu
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