Larry Ellison said that the computer industry is more fashion-driven than women's fashion and cloud computing is simply the latest fashion. And Richard Stallman, founder of the Free Software Foundation and creator of the computer operating system GNU, said that cloud computing was simply a trap aimed at forcing more people to buy into locked, proprietary systems that would cost them more and more over time.
Then, What do I think cloud computing is?
I agree with stallman in part that it's a really dangerous technology, But I think cloud computing is the realization of the earlier ideals of utility computing without the technical complexities or complicated deployment worries. Cloud competition has already started between the most global principal IT companies (e.g. google, y!, IBM, amazon, HP, facebook, ..., etc), netizens are already acclimatized on the cloud internet services. (at least in the korea)
Meanwhile back at the NHN, corp., they also took a conservative action (e.g. freezing pay of all staff, reduce employment, ..., etc) by recession. However IMO, they may shouldn't reduce research and development spending about creating and managing a high-performance, Internet-scale Web service if will attempting to provide more services for stepping to global markets. I'm afraid the chosen architectures aren't scalable, and code tweaking in script-level will not help much.