The recent PDC was full of announcements around Windows Azure, the Azure Services Platform (or was it the Azure Platform Services!), Live Services, SQL Services, ....
I'm still trying to wrap my brain around it all. If you're in the same boat, check out Aaron Skonnard's upcoming geekSpeek episode on December 3rd at 3 p.m. My colleagues Lynn Langit and Lindsay Rutter will be hosting the conversation around what 'cloud services' means to developers and what Microsoft's announcements mean in that space.
Register at http://msevents.microsoft.com/CUI/EventDetail.aspx?EventID=1032397078&Culture=en-US
While your at it, check out some of the other past recordings at geekSpeak: a discussion like no other.