The point where Ellson and I depart is around the impact to the enterprise software business. While indeed clouds will need hardware, software, databases, middleware, and so on to drive their own services, they typically don't and won't use the more traditional proprietary players. They are opting instead for lower-cost open source software and commodity hardware. Thus, guys like IBM, Microsoft, and Oracle will find their market tougher and tougher to expand as cloud computing becomes more pervasive.
The larger issues is the sharing aspect around cloud computing. While IT assets will still be required for use within the cloud computing model, as Ellison asserts, those IT assets will be shared much more efficiently through the use of multitenant architectures and virtualization. Therefore, we won't need as many pieces of hardware or as many enterprise software licenses. Those selling enterprise software and hardware will find that this is going to have an effect on demand eventually -- if it hasn't already.
Perhaps I would be ranting as well, were I selling enterprise software. Things are changing.