What do you find as vaporware? I don't think they are offering vaporware, but their marketing is doing lot of hype hoping to enter into the startup ecosystem, but are failing miserably due to their traditional focus on selling to large corporates. I have attended IBM sponsored conferences and I was floored by the the reach they have for their cloud offering, especially on large firms and Govts. Agree that Bluemix, as an offering is nowhere as polished as AWS is, but they do have a good business going around it.