Decentralized or centralized client computing?

It seems like the pendulum is always swinging. First all computing was centralized on a mainframe with users connected via terminals. Then, over time, computing became more and more distributed with individual PCs and peripherals. Is it now time to consider a more centralized computing model?

Networking continues to become more robust. Users have an expectation of connectedness, whether working within the enterprise, at home or on the road on a wired or wireless network. If you are always connected then you can reconsider how to make the best use of your computing power, locally or on the network, as long as it is fast enough.

Thick, thin or something in between: what are your thoughts?