Suppose you have currently a sps 2010 site and maybe you want to upgrade. What will you do upgrade ? or place it in the cloud ?
And you use the sps only for document archive and some team sites, currently you have the whole DTAP config and every rol is configured for high availability. The deployment is done by SCCM in the first place and using VMM 2012 with orchestrator to deploy a bigger farm if you need one.
but why all this if you can place this in azure let me hear your opinion and or when would you place it in the cloud and when not.
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The cost is sure an issue the cost factor will be the SQL DB size and the bandwith usage. but running it in a own Datacenter ( if you have one ) is also not cheap, management,backup,hardware. rackspace/cooling/power/storage.
But I agree the law issue is a big part and I see this as the biggest issue especialy now that some agency is tapping the internet .-)
but If I use the azure calculator it will not cost me 4K p/m but when would you use azure ? demo environment  ?