It might be "over" for those eager to hype the "next big thing" but for the rest of us it is only just happening. We now have services as reliable as any we could run in house available to us. Even when my start-up is big enough to need in house specialist server techies I still can't see us running actual hardware at our location.
Well, I've been through this twice now, and I can tell you that when your cloud provider goes down, as EC2 does all the time, and you find out that your backup cloud provider is actually using EC2 but didn't tell you, you'll look differently at hosting your own "private cloud" (what we used to call a "Colo") to ensure that you have control over your own destiny.