Controlling data in the cloud: outsourcing computation without outsourcing control
A group at PARC has been studying the Cloud Computing space and published this paper (download) in CCSW. The particular this paper argued that life in the cloud can be advantageous from a business intelligence standpoint over the isolated alternative that is more common today.
Cloud Computing and Security
The same group also posted a blog entry on several issues are of potential interests for both technical development and business management.
In particular, it points to four (4) levels where Cloud Computing could increase technical vulnerabilities; two (2) areas with known potential business concerns; and two (2) opportunities where Cloud Computing enables new capabilities that is difficult to do today.