The "Cloudiness" Around Private Clouds: How Private is Private?

Sandhill.com
However, the notion of a Private Cloud took some collective beating (to put it mildly) in a recent webcast hosted by Appirio. Is a private cloud really a "fools" cloud -- simply a glorified term for datacenter virtualization? Will it be go the dinosaurs' way in a few years? Or is it here to stay just as the Enterprise Intranet has been hanging around for a long time alongside the Public Internet?