Today, what happened with Amazon Cloud was I would say a big hiccup. "Amazon Cloud Failure" doesn’t happen often and incidents like these should not mean the “death of the cloud” or “the Cloud is not ready for the enterprise”. These events are learning to a successful Cloud future. We won’t learn if we don’t fail every now and then.
This reminds me of an interesting analogy - a bank robberry. This does not mean that “banking” has not evolved and you would stop putting your money in the bank. The robbed bank will learn from the problem, hopefully innovate, fix loopholes and spring back up to a better performing institution.
Similarly, Cloud providers will educate themselves from hiccups. From what Amazon has given the world, a few hours of downtime is not that much of a show stopper.