I overheard someone at an ITSMF meeting yesterday suggest that some people believe that cloud computing could be "the death of ITIL." This underscores a claim I've made for some time...that most people STILL think of ITIL as "an operations thing." Certainly, cloud providers will continue to need to use mature, well-underpinned processes to manage the applications, storage, infrastructure, and facilities that the cloud service providers will deliver. Yet this creates a great new opportunity for enterprise IT; stop spending all your energy on reactive firefighting and start maturing your focus to look more in-depth at service strategy, cost/value, business alignment, and effective service brokerage that will deliver higher overall customer value.
In short, cloud computing may force us to do what we should be doing anyway...look at service lifecycles and outcomes and not just at processes and tools.