Another end of the pc, back of the dumb terminal + mainframe-cloud type of deal? I'll pass. Cloud should just provide data, not computing power. In that sense what he refers to "cloud computing" is a misnomer.
He mentions the connectivity of phones, tablets, but see the excitement everyone gets when people say the next gen of smartphones will be dual/multi core? People want processing power. Now and ever.
More power to the individual PC!
This is so against everything my beloved MS stands for, that I must believe the targeted audience was the shareholders and investors. They must know MS is doing something cloudish...