The thing is, once most things are in the cloud, everything will be pushed into it, and we could possibly say bye bye to local mass storage.
The cloud will probably be short lived, or will never become mainstream for anything except for small devices. If the cloud made it big, computers would still be here, probably not be meant for gaming any longer, thanks to the way the console market is taking up all the games. But computers will only connect to the cloud, download data as needed, and display the data to you, though, by the time the cloud reachs that point, it is possible we will reach several hundred GB worth in RAM, or some form of temporary high speed storage.
I think, in the end, we can't predict technology, we can only see what is here now, technology is only progressing due to the desire for more speed and power, sure, we will see some newer tech once in awhile, such as the change from floppys to cd drives to flash based media, or from the good ol' platter hard drives to solid state drives. But that is being done in an effort for more speed, storage, and to make it somewhat simpler to manufacture a device. Eventually, technology will have to change as a whole, or it will sit, you can no keep going forward improving on the same design, as that design, eventually, no longer will work.
A GPU has more processing power than a CPU, but, I don't think we will see applications taking advantage of a GPU properly for a long time, even software that uses CUDA has some rather nasty bugs... (I can't re-encode movies for a long period of time due to some unknown error)
EDIT: I love my never ending sentences it seems like,