I think it is on par with Allan Kay's dream I saw in 1970.
http://www.salesforce.com/live/
Yes the cloud is growing. And in a different way. It's envoluting and involuting.
Now Marc is actually wrong on one point, this is NOT the first envolution on the web: we had chat, porn, gambling among other things. And Facebook will evolve to.
I think I will buy more stock (I did before at $33 -- about 4 years ago). Yes the P/E is 272

