An answer to the question "advantages / disadvantages of Cloud Computing?" is a bit problematic, I think, for it depends on the definition of "What is Cloud Computing?" - and there are numerous variations in the definition.
Hosting providers can use it as a trendy marketing term for all the products they wish to sell. - In science it can be used for distributed computing projects (as sg707 in post #13: "Cloud Computing" = "Cloud Processing"). - SaaS (software as a service, Kiwiheretic in #4 ) is something like that: instead of for example a MS-Word program on each office desktop there is one common MS-Word on a central server elsewhere. Others can use a definition more as "Cloud Storage" (as Google Docs <inclusive "cloud processor" = external hosted editor>, or an external dedicated server for all data documents in an intranet office setting). *)
- Lots of info about these variants can be found in the big Wikipedia article en.wikipedia.org/wiki/Cloud_computing, with many references to related concepts in other Wikipedia articles, and about 180 links in footnotes and external sources.
- In the article is also attention for disadvantages (as safety, privacy, loss of data), which can be different for different types of "Cloud Computing".
That brings us back to the question of topic starter sunilmkt: what kind(s) of "Cloud Computing" do you mean? - Or do you have enough information already from the discussions above?
*) I think the "Cloud Computing" term is a catch-all, more or less like the definition of a "Table".
Some say: it is a horizontal surface with 4 legs on the floor. - Others say: no, 3 legs is good too. - Others say: no, I sell a big assortment of 1 leg tables. - Others say: no, the legs of my bed table are not on the floor. - Others say: no, what do you think about wall mounted folding tables without legs? - Others say: no, my drawing table is not horizontal. - Others say: no, a <table> is an html element. Etc. - And the question: "What are the advantages / disadvantages of a table (compared with ...)?"