Redit was down for over 5 hours last week because of problems with EBS volumes on AWS. Netflix was down a few hours today: another AWS user but I don't know yet what the difficulties are. So Amazon has problems and the web is full of people complaining about occasional problems with Google's AppEngine cloud hosting service.
No one likes to not support users 24x7 and the users don't like interrupted service, but I think that these occasional outages are just growing pains as we move towards a new way to deploy applications that costs less money, requires fewer staff resources, and likely is more energy efficient.
I think that I have only had one customer in 3 years who did not at least partially deploy on Amazon's AWS. This is the future and we need to learn how to work around problems and take advantage of resource savings when we can.