also note launch year, it is 1967, so process of generating electricity for the electrolysis of water is pretty mature :)

No need to be amazed :) See my response above with working mobile production in open sea http://en.wikipedia.org/wiki/Hydrogen_Challenger

Well this is good point, but this way you can negate anything :)
What I was thinking about is that water could be broken into hydrogen and oxygen by electrolysis—a photoelectrochemical cell (PEC) process which is also named artificial photosynthesis. Research aimed toward developing higher-efficiency multijunction cell technology is underway by the photovoltaic industry.
Here's process description from public source:
Electrolysis of water
Hydrogen can be made via high pressure electrolysis or low pressure electrolysis of water. In current market conditions, the 50 kWh of electricity consumed to manufacture one kilogram of compressed hydrogen is roughly as valuable as the hydrogen produced, assuming 8 cents/kWh. The price equivalence, despite the inefficiencies of electrical production and electrolysis, is due to the efficiency of direct conversion of fossil fuels to produce hydrogen, rather than burning fuel to produce electricity. However, this is of no help to a hydrogen economy, which must derive hydrogen from sources other than the fossil fuels it is intended to replace.
Here's a working storage http://en.wikipedia.org/wiki/Hydrogen_Challenger
High-pressure electrolysis
High pressure electrolysis is the electrolysis of water by decomposition of water (H2O) into oxygen (O2) and hydrogen gas (H2) by means of an electric current being passed through the water. The difference with a standard electrolyzer is the compressed hydrogen output around 120-200 Bar (1740-2900 psi). By pressurising the hydrogen in the electrolyser the need for an external hydrogen compressor is eliminated, the average energy consumption for internal compression is around 3%.

Could you explain, please?

I've come to an idea of placing data centers in proximity to trans-ocean cable landings on ocean floor. Crazy, huh ? :)
It might be started at the border of neutral waters, around 5-10 km from shoreline and later expanded along major submarine cable systems.
Perhaps, initially it might be non-maintainable sealed containers with racks, powered by either
a) elements using natural forces like waves or streams
b) galvanic elements
c) hydrogen (there's definitely no lack of water)
and cooled by external medium (also water).
I'm planning to present this approach at UP 2010 Conference in November 2010, so stay tuned. :)

Amazon is not greedy, it's capitalism, man. Companies, that do business in cloud just have leverage to offset costs partially to the client. Our company is planning to discuss this at coming Cloud Computing Conference 2009, keep tuned - http://www.cloudslam09.com/

Our company is planning to present Nvidia based GPGPU solution at Cloud Computing Conference 2009, keep tuned - http://www.cloudslam09.com/ imho, AMD's idea is sound and timely from different points. Those who doubt, just lag behind like SGI did.

There's lots still of questions about privacy, security and other issues to be resolved for those who want to compute in the cloud . There's interesting post in Cloud Computing discussion related to the topic http://groups.google.com/group/cloud-computing/browse_thread/thread/e305a2f3739b2fbe#/