Cost of latency and throughput will dictate what gets put where. I think a hybrid model will be here for a long time yet.
If MSFT do decide to focus on Azure as an ever larger revenue base,...
John Savill's Microsoft Azure Master Class
Join John Savill for 12 hours of comprehensive Microsoft Azure training. This master-level course will equip you with everything you need to understand, evaluate, deploy, and maintain environments that utilize Microsoft Azure including hybrid scenarios.