(1) It is shocking how much of a move to the cloud was driven by accountants wanting opex instead of capex, but are now concerned with actual cashflow and are thinking of going back. The cloud is really good at serving web content and storing gobs of data, but once you start wanting to crunch numbers or move that data, it gets expensive fast.
We had a couple rather large datacenters, but both were in the US. The only infrastructure we had in the EU was one small server closet. We had no hosting capacity in Brazil, China, etc. Multi-region availability drove us to the cloud - just not in the "high availability" sense of the term.
When you have three major hyperscalers competing for your dollars this is basically not true and not how markets work...unless they start colluding on prices.
We've already seen reduction in prices of web services costs across the three major providers due to this competitive nature.
Cloud costs are getting large enough that I know I’ve got one foot out the door and a long term plan to move back to having our own servers and spend the money we save on people. I can only see cloud getting even more expensive, not less.