"Cloud Power Delivered" is Microsoft's subtitle for Microsoft's TechEd conference this year.
According to Microsoft, cloud computing consists of two things... Windows Azure and private clouds created using virtual servers. Microsoft is also expected to release System Center Virtual Machine Manager or SCVMM slated to be released sometime in the second half of this year but dubbed SCVMM 2012. This Paas or platform as a service will manage vm's using Azure to authenticate users against an internal Active Directory. In addition, Azure Connect, once its final release is available, will enable secure connectivity between the vm and the Azure thus completing the cloud puzzle.