This diagram represents the four main levels of "openness" that are relevant to cloud computing, and illustrates how "Open Cloud" finds an ideal balance between the needs of users and vendors (we are currently somewhere between the first two dots):

While the first iterations of the Open Cloud Principles (OCP) were a similar format to the Open Source Definition (OSD) with a number of independent claims, this was quickly found to be too restrictive. After researching existing work in this area including the Franklin Street Statement on Freedom and Network Services, the Open Knowledge Definition and the Open Software Services Definition, it quickly became apparent that there were four key principles:
The first two are intrinsically linked. There is no point having an open API to opaque data formats and conversely there is no point having transparent data formats which are inaccessible via an open API. These two combined are all that is required for "Open Cloud", but this already delivers huge value to the users while allowing vendors to innovate and differentiate.
The third (Open Source) gives users additional freedom in that they can not only access their data in a transparent format via an open API, but can also take the software with them in order to run on a system of their choosing. This would be like Google giving you the code for Gmail when you want to leave and while it provides incremental value to the user it is a very tall order for business.
The final step relates to the data itself, and is only really relevant to certain types of applications (you don't need or want your email under a public license for example). This allows you to take and share the data as well, similar to what Amazon are doing with Public Data Sets.