I'm part of the young generation if mid-twenties counts. Cloud computing is good only if it's set up as a corporate intranet. The Microsoft cloud or any external cloud is something I am against from a security perspective.
Also, cloud computing = NO for home use. If MS were to make it so all my programs, files, and applications were on THEIR servers I would never use MS again.
Why? I don't want any of my personal files or information out there. It's the reason I post on the internet with a handle, and that handle account uses an alias for a name if given. I still keep a fire proof safe bolted to the floor(the good ones with hanging file folders) to keep tax return copies in, savings passbook, and reciepts from groceries/etc in(for comparing to the credit card activity.)
My computer is from 2006, and until a part breaks that can't be replaced(main board only supports PCI-E 1.0 and the manufacturer didn't release any firmware to add 2.0 support.) I can run TF2, L4D2, almost any Source Engine game, WoW up to 10 man raids, and some other games fine. It boots fast enough for me, is responsive enough, and loads MS Word 2007(an upgrade I made to get .docx suppport and won't again until they significantly change the file formats) really fast.
Social Networking sites are a pointless exercise to me. Oh look status updates. Those same friends have an IM client, but they all wonder why I don't talk much. I talk plenty, it's just I run out of things to say to them connected 24/7 instead of hanging out, watching movies, and having a dicussion then, or doing a LAN party and on a food break talking about the nights frags, epic frags, and stupid deaths. I actually talk much more IN PERSON. Online chats with friends sometimes bring more problems because you can't always read tone of voice, facial expression, or body language that can completely change the context of a sentence.
I have noticed a disturbing trend in terms of job searches. HR is under the impression you must know 50 million langues or programs instead of placing ads for the fundamentals; then not pushing you forward if you don't have them. A good, solid understanding of the concepts like OOD, UML, and other programming techniques is more important(as others have mentioned) because picking up a new language is easy.
The really, really, really fun in this strip is how the joke is aimed a little to close to home for a good part of the readers, if the comment section has to be used as reference.
The leap is not so often in the basic structures and metodologies, standards, etc, but in the little changes in uses and acception in general society: Remember when Microsoft almost lost the train because they though internet won't go anywhere? What about the smartphones thinguies, and their popularization diametrally combined whit this social networking stuff? May I have a nickel for every old school that's ranting about the cloud computing concept just because is against his school of thought (and not because other, maybe a lil more valid, issues...)
Oh, and modems where a headache way before they actually hit you with 'em =)
Everything is still just a turing machine. Well, a finite state machine, if you want to get pedantic. I stick with lambda calculus, and avoid those new fangled programming languages like perl and cobol, and I get along just fine thanks. It's algorithms, architectures, and heuristics that matter, not the coding language... and good system design is only learned through many years of hard experience.