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It seems to reflect some of the sentiment in the current comments on this thread.
Follow the posts here: "Cloud Computing Explained"
http://community.hyper9.com/blogs/h9labs/archive/2009/09/29/cloud-comput...

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How do you define "cloud computing"?
- cloud /klowd/ n. & v. n. 1 a visible mass of condensed water vapor floating in the atmosphere high above the general level of the ground.
- cloud computing /klowd kompyŏŏting/ n. 1 the most ill-defined technology in history.
Is it process management? Is it resource management? Is it something I host for my customers in my enterprise datacenter? Is it something hosted for my enterprise in a datacenter I never lay eyes on? Does it help the environment? Does it create massive carbon footprints the likes of which the technology world has never seen? I don't care if you're a fan or not, I'm sure you'll agree we need a clear, concise definition. So my question is...how do you define "cloud computing"?