Honestly, I never really 'got' the thin client. I was in a development group at a large Electronics company, and we developed high encryption phones, laptops and thin-client devices. To this day, I often wondered why anyone would purchase one; it seemed to be no more than a "dumb" terminal, like a throwback from the remote terminals of the 1970's. I think it was a Marketing concept. And once one company gets an idea to market - smart or not, other companies follow suit.
Remember VAX-? I started on a Digital Equipment DEC system 10 – a Mainframe. Single Point Storage. Funny -the more things change, the more they stay the same. See my post below on the various "feel" of the decades, 1970 thru 2010.
You are right taimoortariq, cloud computing will save lot of money by reducing the maintenance cost and the initial investment for the machines. But I believe that real gain can be taken from the organization by doing this large scale than the personal computing.
Earlier this year paralyzed IndyCar drive Sam Schmidt did the seemingly impossible -- opening the qualifying rounds at Indy by driving a modified Corvette C7 Stingray around the Indianapolis Motor Speedway.
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