Service vendors are sweating, not waiting
I make it a point to tell our colo providers, who charge by the rack-unit, how completely satisfied we are with the utility computing model. Our accounting department loves it too.
EC2 now is like Linux was for us a few years ago... All new systems are planned and provisioned for this new model, and mentioning it to our legacy vendors usually gets a discount from the sales droids that recognize EC2 as competition.
I've still got pleasant tingles from the IT headcount reductions that virtualization got us a few years ago, and it makes me drool to think that I can do it again with utility computing.