Here is a summary of the main advantages of Windows Azure and cloud computing:
Low entry cost and ability to quickly scale up your applications infrastructure for peaks of demand
No infrastructure expertise necessary—let Microsoft take care of this for you
Potentially cheaper than a dedicated data center, although a detailed analysis would be necessary to determine this
Greener computing
Allows you to utilize existing .NET skills
No hardware compatibility issues due to abstraction of hardware (although I would question how much of a problem this currently is)
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