James Hamilton on The Next Big Thing:
Storing blobs in the sky is fine but pretty reproducible by any competitor. Storing structured data as well as blobs is considerably more interesting but what has even more lasting business value is the storing data in the cloud AND providing a programming platform for multi-thousand node data analysis. Almost every reasonable business on the planet has a complex set of dimensions that need to be optimized.

I think we're only beginning to see interesting data processing being done in the cloud - there's much more to come.