Cloud computing - or SaaS, if you prefer - frees up budget for companies hand-cuffed by IT expenses. Instead of purchasing additional software licenses and hardware for new employees and new locations, businesses can simply open new employee accounts with providers of their cloud-based services to expand computing capacity. It ultimately helps CIOs rationalize their legacy systems and get their "arthritic IT" in order.

This paper provides a snapshot of what is happening in the arena of cloud computing. What are the benefits? Why are businesses embracing it? What does it mean to a business owner or executive? How does it affect the workplace? What are the payoffs and the pitfalls? Is it really ready for "prime time"?