Can Cloud Computing Deliver on the Hype?

Recently the SDForum, a Silicon Valley-based technology and business incubator, hosted an all-day Cloud Computing Symposium. If the presenters at the symposium are to be believed, cloud computing represents an infrastructure revolution, moving infrastructure use from a capital expense to an operational expense and cutting the overall cost by at least 90 percent.
Of course, one must question the validity of these assertions and, crucially, understand the assumptions and implementations of the examples to really grasp whether cloud computing can deliver on the hype.
Source: CIO