I just had an epiphany in my never ending quest to answer one of lifes most delicate questions -- "what the heck is cloud computing?" My sudden realization comes in the form of a grand unified theory for the term cloud computing. It's elegance is in it's simplicity ;)
Cloud Computing is an Analogy for a Metaphor wrapped in a Euphemism.
CC = E(A<=M)
Another way to look at it, the cloud is everything and nothing all at once.