This research explores recent developments in the area of Cloud Computing (CC) highlighting different constituents, implications and challenges. Indeed, CC offers many advantages and benefits to different settings and contexts but at the same time its success is dependent on addressing certain mounting challenges before such benefits could be realized. This research provides a contextual taxonomy made of different critical factors which could influence CC success in the enterprise. Due to the infancy of the CC field, this research portrays a pessimist view for the large scale success of the CC field but holds great promises for its potential in the future. Indeed, the majority of the CC implementations was found to be simple and touches on the perimeters of CC. Of course, the success of CC is contingent upon capitalizing on certain factors and combating the different challenges highlighted in this research.