Google's applications rely on the storage of data on servers in the "cloud," which was the premise of network computing, he said. (...) "Finally, now the architecture works."
"Fundamentally, it's better to keep your money in the bank than in your pocket," Schmidt said, adding that the metaphor could be applied to keeping your software on the server.
According to Wikipedia, "a network computer is a lightweight computer system that operates exclusively via a network connection. As such, it does not have secondary storage such as a hard disk drive – it boots off the network, but runs applications locally, using its own CPU and RAM."
A network connection and a simple browser could replace an important part of your computing experience.