If you think that cloud is just an over-used word you need to see this keynote from Build 2012. If you don't watch such videos make this an exception. It might change the way you think about things.
Scott Hanselman was let loose, there is no other way to describe it, at this years Build 2012 and he explained the way that the cloud really does change everything. The video is funny, thought-provoking and one of the best "deep thoughts" on the effects of the cloud you can see.
For a sample try the introductory text:
"One day we woke up" - some think that it's to a nightmare. Scott does his best to convince the viewer that it is the best of all possible worlds we woke up to and that the dead carcasses of forgotten technologies smoldering in the background are the price we pay for such progress.
Let me not spoil the fun, however, just watch the video and see a Microsofty's view of the way things are.