1) The document discusses migrating IT infrastructure and applications into cloud computing platforms like Amazon Web Services, Google Apps Engine, and Microsoft Azure. 2) It presents a seven step iterative model for migrating into the cloud that includes assessing applications and infrastructure, developing a cloud architecture and migration plan, executing the migration, and testing in the cloud environment. 3) Key challenges of migrating to the cloud include identifying and mitigating risks, especially those related to security, as well as ensuring quality of service as defined in service level agreements around issues like data ownership, transfer, and storage.