In my point of view cloud computing is an umbrella term for XaaS and virtualized IT assets supported by Utility, Grid and Autonomic Computing in one offering. But due to early in life cycle of evolution not all cloud offering are based on Utility, Grid and Autonomic computing principles. X in XaaS has many metaphors and there also exist great divide among analysts, vendors and service providers.
Infrastructure as s Service (IaaS): This is Data Centre as a Service or remotely managed data center.
Storage as a Service: This is Disk Space as a Service or in simple terms Disk Space on Demand. You can consider this as remote storage for consumer but local for application.
Database as a Service (DaaS): This service provides consumers to access and manage persistence layer (RDBMS, Hierarchal Database – LDAP, File System, etc).
Information as a Service: This is granular business services on demand. For example tax calculation for a product/service.
Software as a Service (SaaS): This is Application as a Service. Here a major portion of or full business application is offered on demand. On the extreme of Cloud is Process as a Service (process outsourcing).
Integration as a Service: It is one of the most interesting aspects of Cloud. It provide features of traditional EAI/B2B but as service.
Platform as a Service (PaaS): This is offering provide complete SDLC of Cloud hosted application/service. Most of the matured Clouds provide this service by default.
Governance as a Service: This is basically mechanism to manage cloud computing resources, typically managing topology, resource utilization, up time, policy management and other related issues.
Testing as a Service: This is facility provides sandbox testing of developed application/service using PaaS offering.
Security as a Service: Due to open nature of internet, security is must for any offering. Security as a service may offer identity management, encryption/decryption, etc.