Google
Cloud Computing is an execution of compute jobs in multi-tenant elastic environment, where jobs may dynamically scale up or down requesting/releasing resources on a fly. Owner of the process is billed only for used capacity.
Other definitions:
1. Multiple vendors accessible through open standards and not centrally administered.
2. Non-trivial QOS (see the gmail debate thread).
3. On demand provisioning.
4. Virtualization.
5. The ability for one company to use anothers resources (e.g. bobco using ec2).
6. Discoverability across multiple administrative domains (e.g. brokering to multiple cloud vendors).
7. Data storage.
8. Per usage billing.
9. Resource metering and basic analytics.
10. Access to the data could me bandwidth/latency limitations, security.
11. Compliance – Architecture/implementation, Audit, verification.
12. Policy based access – to data, applications and visibility.