Scary reading in this thread. I'm totally against the idea of working on a cloud, and I'm yet to feel limited by CS5 (or 3, for that matter), so as long as I keep a computer archaic enough to run it, I'm not too fussed about future tech making it obsolete.
It's a shame though, I hate the idea of The Cloud in ever single guise it has. It just seems like one gigantic data mine to me.
I say down
with The Cloud! I want all of my programs and data stored on my local machine. If they are to be backed up on a remote server, I want that to be a server I built with my own two hands, that is in a safe location which I control.