I'm going to challenge you in this point. The cloud experience is, first of all, like 98% the same as a self hosted experience. Same forum, same reaction, same boards and posts and topics. You just have some marginally better features (like in the case of IPS, you get Live Topics).I think that last point is extremely important to unpick and understand: self hosted communities, as far as I'm concerned, simply must survive in some form. The cloud experience, while highly desirable for corporates, is not conducive to the sort of community spirit that the best *communities* (not the same as 'forums') thrive in.
It's also a tenuous point that how you host somehow impacts your community spirit. Your community spirit is a reflection of your culture, your involvement, your attitude with members. How you host is basically what hosting package you pick.
The only thing I will say is that cloud packages probably demand a monetization strategy of some sort. This does mean pushing some sort of e-commerce or subscriptions or advertising, but many self hosted sites do that too.