IGN interview with Cerny covers a few things, and it's only Part One of 3, but he did mention cloud computing as far as what it can and can't do:
"It’s possible to do computing in the Cloud, PlayStation 4 can do computing in the Cloud. We do something today: Matchmaking is done in the Cloud and it works very well. If we think about things that don’t work well… Trying to boost the quality of the graphics, that won’t work well in the Cloud."
Not surprising, stuff that can be handled in the cloud like matchmaking and some some basic AI routine stuff. Good to see him mention matchmaking tho, which I've seen some people wondering about as far as whether the PS4 will have it.