Going to the Cloud: CAPEX, OPEX, Facilities, or People

On the 11/1 Virtualization Security podcast we had no special guest but continued a conversation started at Hacker Halted this year. It is the ongoing question of whether or not Going to the cloud will cause jobs to be lost. The typical answer was stated at Hacker Halted, that people will need to cross-train with new products, etc. and then they would keep their jobs, but someone stood up and shouted out that this was hogwash. It made a lively discussion from there. So we tackled it on the podcast as well. Will people loose jobs Going to the Cloud? If so how can this be prevented? What do you as IT professionals need to do, to plan your careers while going to the cloud?