When everything was "moving to the cloud" a few years ago (around when Jason wrote this), I started to have similar feelings. It all felt like something marketers were over-hyping. "Your computer in the cloud" (ever had a shell account that was your main system? This isn't new), "your games in the cloud! Ever played Nethack using that shell account?
I guess the only 'new' thing that I saw was the scaling capabilities based on capacity, but we've had time-sharing (albeit, slightly different) for many years.