We’re in the midst of a revolution or maybe an evolution when it comes to how we use software.

Everything is going to be browser-based. The new OS is the Web browser. The cloud is the computer.

But is it really?

As much as I’m a Web 2.0 junkie (beta, anyone?), I’m also using a lot of software programs to work and play. The list includes:

- Microsoft Office
- Blogo and Ecto (blog publishing tools)
- TweetDeck and Seesmic Desktop (Twitter)
- iTunes
- Apple Mail
- iCal
- Skype

And on my iPhone, I’ve happily downloaded a bunch of applications that have nothing to do with the Web browser.

So, the question is: are we over-hyping cloud computing? Are we putting too much faith in the cloud? Are we overly confident the services and data we have “out there” will be available any time and all the time?

I think the answer is “Yes”. There is no doubt cloud computing is going to dramatically change how we use applications and data. It is going to evolutionize the computing industry and how we interact with computers.

But it’s also important not to let the pendulum swing too far to one extreme. Right now, cloud computing is far from perfect, which means there is a role for offline software to happily co-exist.

For some interesting perspectives on cloud computing, check out a recent blog post by Robert Scoble, which he did after Twitter was crippled recently by a hacker attack. Scoble talks about how putting your data in someone else’s hands is a “pretty significant risk”, citing his experience with Flickr, which locked him out because his pro account had lapsed.

Another take – albeit characteristically flamboyant – comes from Oracle CEO Larry Ellison, who riffs about how cloud computing is completely over-blown.

In looking at the hype surrounding cloud computing, Ellison opines that the “computer industry the only industry more fashion driven than the fashion industry”.

So, what do you think? Is cloud computing living up to the hype or over-blown?