I don't think that cloud services has to mean that computation will be done elsewhere necessarily nor that we'll opt to store our data in the cloud rather than locally. I think these are two extremes that, as others have pointed out, been done before and are not new ideas.
Instead I think we might find that cloud services make things seem more seamless. The reason for the cloud services won't be too provide more power and storage, because we already have plenty of that in our local environments. It'll make some things more convenient in the way we are already seeing: the automatic sharing of files (DropBox), development (open source), licenses (waves), software patches and downloads, etc.
But there are more interesting ideas such as having people share a creative session, perhaps jamming or mixing from remote locations, where your local resources are combined with those in the cloud to enable a more seamless experience despite the distance.
If any of you have experienced Netflix on multiple devices then you may already be aware that you can start watching a movie on your TV at home, and then if you get interrupted, finish watch it later on your tablet from the precise moment where you left off. Same goes for reading a book with Kindle. Apple has done some cool things in this area, and I know we all like to bash them, but if you operated in their environment, without bias, and fully using multiple hardware devices in a earless manner....well, some of it is cool and well thought out.
But as I mentioned above in my first comment. The ability to create any time, anywhere, on multiple devices and platforms without having to stop and think about importing or exporting or whatever is the most exciting and applicable to what we do. There are many steps and pitfalls with what we do that could be taken care of, and done better, perhaps in such a way that we won't even realize it...