Cloud computing is just proprietary computing by another name. It can still be useful, but the control lies with the cloud owner rather than the user.
If you see cloud compute as a 'software service' system like Google Mail or Google Docs, then perhaps yes.
We use cloud compute in the 'generic virtual machine provider' sense.
We use a couple of cloud compute providers to host our web servers. We pay a monthly fee and get the root password to a standard Linux virtual machine, what we install on it is up to us. If the physical hardware that is hosting our server fails, we just install it somewhere else. All of the install process is automated, and we can transfer our server and data from one provider to another in a couple of hours*.
We can alter the machine resources (cpu, memory disc) whenever we like.
We review the costs on a regular basis and can move to another provider if think we can get a better deal**.
* Installing from backup on to a new machine takes about 10min, the biggest delay is waiting for cached DNS records to catch up.
** We currently use two providers, one in the US and one in the UK and currency exchange rates can make a significant difference.