Seeking Advice; how will the cloud change IT

I've been struggling with the concept of the cloud and how it changes many roles with in the IT organization.

Background I work for a large global company as an Email/Skype/Mobility administrator. To me moving to the cloud (office 365) is a step backwards, it takes ownership and control that I have today and puts it back on Microsoft. Everything I have done with O365 so far completely dumbs down the systems and routine tasks/solutions which I can do on prem in a matter of minutes takes hours for MS to address.

I find it hard to visualize what my day to day activities will be once we are fully migrated to the cloud. It also seems that the cloud really minimizes the need for skilled IT professionals; once everything is migrated MS is effectively replacing that level of administration.

Now the big question; due to all of this I am seriously considering a career change. I have years of experience in Infrastructure and am contemplating moving towards a developer role. Are my fears of the cloud legitimate? If really chose to pursue a career in programing where do I start to learn this? I have a BS in systems administration; do I go back to school for CS or self learn?