The next TFS as a cloud service – good or evil?

There is quite much rush about Team Foundation Server: some say it rocks, others think it sucks. Recently one interesting issue has been widely discussed in .Net community:
the next TFS (TFS 11) will be ported to the Azure architecture so TFS could be seen as a cloud service.

Some predict: “…just imagine how easy it will be to
– Install TFS (20 sec will be the time needed to activate the service)
– have TFS able to scale to hundreds and thousands of developers
– have TFS available to any developer in the world. Regardless of the countries where your teams are, they will all have access to the same TFS “
Sounds to be “pure good” 🙂

Others object: “ Yeah, right …
… and all of your sources become suddenly the property of who knows who.”

Opponents claim: “The data in the Microsoft cloud (Azure) are not the property of Microsoft but a platform you can use. It’s up to you to decide the best way to support your activity, if moving TFS to the cloud is a good option, then you should do it”.

And what’s your point here? Will it become popular or is it just a buzz topic to talk over?

Look forward to hearing your comments.