This document discusses the opportunities and risks of software as a service (SaaS) and cloud computing. It notes that SaaS and cloud provide scalability, ubiquitous communication, fast transactions, seamless cooperation, and flexibility. However, it also warns of new vulnerabilities from increased complexity and interdependence. Research questions are posed around business model convergence, multi-tenancy support, testability in distributed environments, security risks from reuse and lack of centralized control, and achieving assurance in complex SaaS systems.