Have to say I am in this place right now. We have 10RU for a small buisness and the only compelling reasons to go 100% cloud is:
1) aviod playing with hardware and phyisical failures
2) Cheeper storage w/o buying disks
3) Cheeper bandwidth
From a compute / storage / flexibility POV @ $800 / month we have 40 cores, baremetal speed for DB, 48 GB RAM and a relationship with the owner of the facility.
Priced up the same way we would get ~ 7GB RAM, 2 Cores + 4GB RAM MySQL Server + data and storage in the cloud (Thats a rough Google cost but I spent 4 hours reading sites yesterday).
If I way a lone dev wanting to start somewhere or had a budget that I could/wanted to increase then it would be cloud all the way. But while I still know how to admin my servers, have a real business and the cost is on par with moving (excluding any outage / client relations costs) then there is nothing compelling about going to cloud (yet).