Checkout the Open Cloud Manifesto: http://www.opencloudmanifesto.org/
The manifesto outlines the following six principles
1.Cloud providers must work together to ensure that the challenges to cloud adoption (security, integration, portability, interoperability, governance/management,(metering/monitoring) are addressed through open collaboration and the appropriate use of standards
2.Cloud providers must not use their market position to lock customers into their particular platforms and limit their choice of providers
3.Cloud providers must use and adopt existing standards wherever appropriate. The IT industry has invested heavily in existing standards and standards organizations; there is no need to duplicate or reinvent them
4. When new standards (or adjustments to existing standards) are needed, we must be judicious and pragmatic to avoid creating too many standards. We must ensure that standards promote innovation and do not inhibit it
5. Any community effort around the open cloud should be driven by customer needs, not merely the technical needs of cloud providers, and should be tested or verified against real customer requirements
6. Cloud computing standards organizations, advocacy groups, and communities should work together and stay coordinated, making sure that efforts do not conflict or overlap
Reuven Cohen's introductory blog post on Open Cloud
In-spite of Amazon/Google's resistance and Microsoft's frontal attack, Open Cloud manifesto is getting attention. An active user group is already into writing the Open cloud use cases.
My personal take, the might of Microsoft / Google, may be able to kill the initiative, but idea would live on.