I have mixed feelings about the whole cloud hype. There's no doubt that clouds will become more popular, they are too cost effective not to. But for end user it's not that great. I don't see myself using web to edit text, network latency is way too high. This can be mostly solved by adding more data centres, but having many small ones isn't cheap any more. Synchronizing every character looks like a bad idea then. And because online editors today are implemented in JavaScript, client does much more processing than a server, where's the gain? MS Word 97 was much faster on my Pentium MMX than google apps now. And it was already very bloated with features I never used. High quality media and 3d effects on portable devices that don't even drain battery are cool though.

Also, I don't trust big corporations. Why would I want them to read everything that I type? Or which movies (+when + maybe where) do I watch? IMHO privacy concerns are the biggest show stopper. And I'm not the only one who thinks so, IBM predicts that hybrid clouds will dominate the corporate market.