Cory Doctorow has an article in the Guardian entitled Not every cloud has a silver lining that is worth a read.

Cloud computing is a current shiny object.  But its not for everyone, or every application.

The article starts with:

The tech press is full of people who want to tell you how completely awesome life is going to be when everything moves to “the cloud” – that is, when all your important storage, processing and other needs are handled by vast, professionally managed data-centres.

Then goes on to tell how and why the cloud is oversold.