The Information technology sector probably creates more acroynms and jargon than any other industry.
Cloud computing happens to be another way of letting a company manage your information outside of your office. The cloud happens to be the internet cloud and the computing part concentrates on the ability to service many different customers from the same set of computers thereby reducing end user cost and reducing multi-client management for the IT company.
Cloud computing is here to stay and will continue to strengthen as the speed and reliability of the internet continues to evolve from kbps to mbps and finally Gigabytes.
Its the Future as we know it.