Most of the cloud (IaaS, SaaS, whatever) services out there boils down to this: you are outsourcing some or all of your infrastructure (losing control) and are still saddled with all of the responsibility to make it work.
It is yet another way to hack away at the internal IT cost center. Can "cloud" be a good idea? Sure, if you are delivering metered services (Netflix, SaaS), or are entirely office-less.
We outsourced our fax, CRM, and backup and it is "fine." Management thinks it's fantastic because it is so cheap... but I am sitting here right now waiting for a our fax system to come back online due to a cable outage in California (I'm in the midwest). That's the reality of this type of shift. I am completely responsible for this outage and I can do absolutely nothing to fix it or to prevent further outages (other than redundant services which management shot down due to cost).