When I was first playing around with it and learning Solidity I created something that allows any party to deploy an escrow smart contract that releases deposited funds when a condition is met using an Oracle. Thought about how decentralized deals between parties could be made in the future on Ethereum and verified by an Oracle. You can find it here - http://dealmate.io/. It doesn't replace 'traditional' computing, but allows for a whole new set of features and possibilities that 'traditional' cloud computing isn't best suited for. BTW, it's just a prototype and not really used for real transactions, at least yet.
