What's Cloud Computing and What's Not?

Discussions with Kusnetzky Group clients and industry watchers have lead me to the conclusion that a definitive definition of cloud computing, necessary technological underpinings and use cases is desparately needed by the industry.  Everyone who is offering something even vaguely related to virtualization technology, hosting services or some Web-based application are busy waving the cloud computing flag in the hopes of capturing the imagination of potential customers.

If everything is cloud computing, then that phrase has no meaning and so, nothing is really cloud computing.

I've spoken with a number of industry watchers and each of them is doing their best to create a thought model, a taxonomy, a "codex" or whatever that fully describes what's happening, how it is happening and who is doing it. Some reach towards being comprehensive and creating mutually exclusive categories. Some look at only a narrow slice of what is being seen in the market.  As I learn more about them, I'll post something here.

I look forward to the end of hype, that is, the time when someone comes forward with a view that is complete and brings a new level of understanding of what is clearly an important trend. Then it will be impossible for a supplier to hide behind the term cloud computing when it is offering something cloud-like or cloudy, but not really cloud computing.

Is there a model that you are using that has helped you cut through the noise and squeeze some meeaning out of this set of interlocking trends?