Securing Storage in the face of V12n and The Cloud

As a security professional focusing on data storage security, I sometime wondier if the whole issue of data storage security has completely outdistanced today's data center, what  with the advent of server and storage virtualization, as well as cloud computing. On the other hand, I wonder if the lessons have we learned from activities like distributed computing and using remote sites for BC/DR, as well as designing and building solutions for remote backups and archives aren't still applicable when we think about storing data in the cloud.  Do any of these lessons still apply, or are cloud computing and v12n so radically different that we have to re-think, re-architect, and re-implement all of our applications and computing environments?

I'm scheduled to lead a BoF on this topic at EMC World 2010 starting at 8am on Wednesday morning (for all of you who were up all night ), but I'd like to get the discussion started earlier amongst the Proven community. What think'st thou? Do we have to start from scratch, and throw the baby out with the bathwater, or are there pertinent "lessons learned" from designing, implementing and managing remote storage facilities that apply equally well (or better) in the face of v12n and the Cloud?