A fair amount of press has been covering the recent Amazon S3 outages. I personally would re-iterate the words of Reuven Cohen - in that Amazon is pioneering some of this technology and really should not be so heavily criticized. The cloud market is still in its infancy and problems will be worked out now that make the cloud even stronger in the future. I have also become somewhat of a fan of Amazon CTO Werner Vogels. I think he has done some pretty amazing stuff at Amazon and the best is perhaps yet to come.
Jeff Feinman at Systems Management News has an excellent article on the recent Cloud outages, specifically at Amazon and Apple. Check it out here.
There was also a very good article on GigaOm about why the Enterprise is not ready to trust the cloud.