It really is a fundamental paradigm shift in the way we view computing. Once the network is fast enough, there is no need for local storage of your files. Your hard disk, if you have one, is just a network cache. You can recreate your home environment at a kiosk in the airport. Applications become fluid things, recreating themselves on the fly to handle whatever kind of information you are currently looking at.
Software is never out of date.
Business models will change radically. The software middleman goes away, there is no-cost distribution and packaging, and instant supply for demand. More questions than answers here. To me the real question is not if, but when. My Favorite Quotes I will close with the best one-liners I heard at the conference.