Rather, I take a view similar to that of Gartner, the global research firm. The latest edition of their Hype Cycle report rightly places the Cloud at the 'peak of inflated expectations', and it soon will have its 'Trough of disillusionment' I suspect. Meanwhile I think the Grid is past this phase and somewhere on the 'Slope of Enlightenment', close to where Gartner place Service Orientated Architectures.
With the impending data-taking from the Large Hadron Collider at CERN, at least the ARC and gLite middlewares are going to be in daily production use for global scientific collaborations. This is not business use of course, but this is an area where the Grid will be used in anger, and one cannot drop a cloud solution in instead. This is not to say Clouds are not very powerful tools, but exactly what they are is still in flux. This was also noticeable at the Grids and Clouds session earlier in the week, where most of the talks were more about virtualisation than the Cloud as seen in the outside world. The exceptions was BalticCloud who are Grid people experimenting with systems like Hadoop and Eucalyptus - very much core Cloud technologies.
In many ways I saw the same in the Grid world back in 2004 - when it was hard to get people to agree to a definition of a Grid. These discussions were not exactly definitively settled but in the following five years, real Grid implementation superseded academic definitions, and now a Grid is the thing you see deployed all over Europe in both the academic and business communities. My guess is that Clouds will go in a similar direction, though I find it very interesting that the Cloud, at least in the general consciousness, seems to grow out of a commercial product sold by Amazon rather than from an academic idea. This may well mean that the Cloud follows a different development path, but it will take some time to be able to understand what is hype and what is real use.
My guess is that the Grid and the Cloud will end up complementing rather than competing with one another. I have a hunch that they may become different parts of a spectrum of distributed computing technologies that serve a variety of academic and commercial demands. Until then, like many of my fellow delegates at EGEE'09, I will be keeping an eye on both.