There are use cases for the cloud. I put e-mail in the cloud- ain’t nobody got time to deal with providing reliable SMTP or Exchange while keeping spam out. If you have a web app that needs to scale quickly, cloud’s the way. If you’re a startup with limited capital and you don’t want to blow it on a bunch of servers when you’re not sure if you’ll survive more than a year or so, cloud’s the way.
But Cloud ISN’T the end-all answer for everything.
If you have a predictable workload, especially one that relies on more expensive cloud services, de-clouding can save you a bundle. Buying hardware can be cheaper than renting it, if only because (think about it) the cloud provider has to buy the same hardware and rent it to you AND make a profit. If you’re going to be around a while, and you expect to use a piece of hardware for its full service life, that makes a lot of sense.