There's an old adage that says it takes Microsoft three times to get it right. Its commitment to SharePoint in the cloud is clearly evident in its investment in data centers, a costly retrofitting of the code base to multitenancy, and a go-to-market strategy that emphasizes the cloud in both sales and marketing. The value proposition is intriguing: potentially lower costs, faster implementation, automatic upgrades, and more. Here's the reality: Office 365 makes a SharePoint cloud deployment more viable, but it's still only version two. Success will require tolerance to issues, realistic expectations, and a very strong deployment strategy.