After reading some material it doesn't mean more for me than a clustered client-server architecture where processing capacity and memory can be hired and clients are generally web browsers or other applications. It's not a big novelty form the developers' point of view so first of all we got a new phrase for the hot water.
Don't mix it with 'grid computing' where real math computations are running on a statically or dynamically built distributed network (SETI@home for an example) and clients are active participants of the process. Instead of this, with cloud computing, you connect to the service and use it. So I don't get again where is the magic. (Maybe the magic is in the ability of obtaining a large amount of personal data and money from the users.) I can imagine an architecture which discovers (sourceforge does this) or even deploys automatically service components geographically closer to the requester. So yes, there can be interesting aspects.
Anyway, we have to learn:
- Internet, Server (deprecated, past)
- Cloud Computing (trendy, future)