That honestly doesn't sound terribly innovative to me. Of course the data will be centrally located, and of course the low-end computers will be cheap. However, there will always be a market for high-end computers, and companies will gladly provide them (and reap huge margins)

The most important thing about the future of computing, in my opinion, is the connectivity; the fact that you'll be connected to all of the world's information, and all of its inhabitants, always, no matter where you are.

I'm still waiting for a computer I can wear.