Re: the 70's are calling, they want their TIMESHARE systems back
The Cloud: Over-provisioned capacity, primitive load-balancers, excellent automation and very limited configurations.
You can do it yourself, but most companies lack the discipline as well as having holes in expertise. Plus companies nearly always have in-house expertise which picks up the slack when the cloud fails to be the right architecture. Cloud is great when you have an IT department which can do the difficult things cloud can't.
The question is, will commoditising the low end, reduce the skill pool available at the high-end. When the large companies are all running O365 & GMail, who is going to try to write a new mail & calendar system? Will cheap, universally availability and integration lead to complete stagnation? How far do you think you'll get hosting an email and office suite package on Google's cloud or Azure?