Good sides of cloud solutions include cost savings. Price per server is usually significantly lower compared to traditional lifetime costs of purchased servers. There is now investement needed also. This creates better transparency of technology stacks cost structure.
Scalability is also obvious benefit, but real time scaling is amazing capability. Only imagination limits opportunities you could have. If you wish you can create a service, that is available 9am-5pm. After working hours all servers would be run down and recreated next morning. Maybe not so brilliant way to use scalability, but serves well to illustrated capabilities.
Speed of delivery is nice enchacement for new development. No need to wait for delays in server order/delivery processes.
Inorder to enjoy of those above mentioned benefits you need to be able to avoid potential new vendor locking situations and understand throughly different options you can utilize for utilization of cloud. Additionally you need to secure that tools for automated scalability and monitoring are readily available, as these tend to be capabilities traditionally possessed by your hosting partner. Own sourcing and needed capabilities close to development projects need to be secured too. After having these you are ready to enjoy the sun shine behind cloud.