Zdnet have a good article exploding 5 Cloud computing myths. These are:
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Cloud = SaaS, grid and utility computing
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Cloud computing will take over the world
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You can use competing cloud services
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Flick a switch and your IT shifts to the cloud
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Switching Cloud vendors is easy
ZDNet say
"Cloud computing is one of the most overhyped phenomena to have hit the IT industry in a long time. It is a business model that definitely has its advantages. The trouble is vendors of all sizes and stripes are so desperate for a piece of the cloud action, they are willing to blur distinctions and fudge definitions for their own ends."
That is, it is rising nicely up the hype cycle, as so many new IT things have done before. Many of them of course go on to be useful, workable technologies.
If your question is "er,... what is cloud computing" there is a good review of it from The Economist
