I've heard some dubious claims contrasting the cloud and IoT. I've also seen the connection between the two overhyped and generally misunderstood. As the lead cloud engineer at an IoT company, I feel obligated both to provide context and advocate for a proper understanding of the potential of IoT plus cloud.
Anticipating October's Wearables + Things conference, MoDev posted an article of mine on the topic. In it, suggest a particular understanding of how and why cloud and IoT each emerged as a technology. I talk about it as two natural lines of evolution from the Ubiquitous Biege Box computer.
I kind of play around with the notion of a Hegelian synthesis as an explanatory model for why cloud and IoT are neither competing technologies nor utterly divergent. They are specializations that combine to become a better whole than the generic solution that we have left behind.