My take is that clouds computing is here to stay. But the clouds are still young and much will change. So don't think that everything can be replaced by clouds. Yet. There are plenty of usable cloud computing based applications around. But not for all areas. So it'll be slight cloudy for the time being.
The heavens will become a lot more cloudy as soon as technology (and legislation!) gets more mature. But it's not only about technology. Remember when we started to have the opportunity to buy on the internet using a credit card. Scary, wasn't it? But not anymore. And yes, security has improved but that's not the point. Just a question of getting used to it. Same with the clouds. Now it seems scary to not have your data storage and processing within reach but in five years same it'll be and – more importantly – feel different.