Microsoft has invested an f'ing ton of money into this. I believe they see the "cloud" being important in the long run as a way of sharing data between devices as you switch from device to device. A few years ago, that wasn't as common. Technology is changing and our appliances, TVs, DVRs, phones, tablets, pcs, servers, and who knows what else are slowly becoming places where people desire to have access to all their information.
So, I would say that yes this is probably worth your time. If you can get (or keep) a job where you are writing real world production apps in the "cloud", you are better off going in that direction.