What is Cloud Hosting or Cloud Computing?

Now there's an interesting question. I'm afraid to say that Clouding Hosting or Cloud Computing doesn't as yet have a clear definition. Most vendors that are selling cloud computing services (and there are very few as I type this post), are essentially providing a pool of resources, consisting of bandwidth, CPU time, memory and disk storage. This resource pool is then allocated as needed in the form of Virtual Machines, via a control panel. These VMs are then charged for on an hourly basis and used for whatever the user is looking to provision, including web applications and databases. Only time will crystalise the actual definition of cloud hosting, and by that time the marketing folk will have relabled it...