Overused term...
The word "cloud" has been co-opted by so many disparate applications & uses that it ceases to have much meaning. Virtual web hosting, the likes of which I used 10 years ago would now be called "cloud web hosting" or something, your VMWare farm in your DC is now your "private cloud".
It's not so much cloud computing I dislike, it's the rampant drive to put the "cloud" label on anything and everything because it's hip & trendy. Then of course you get IT managers desperate to get on the bandwagon because it gives them something to talk about on the golf course, never mind if the strategy makes sense (to be clear - sometimes it makes perfect sense, other times it doesn't).
In this, at least, I can agree with Larry...