RackSpace recently announced that it will no longer be offering simple cloud hosting, or IaaS services. They simply cannot compete with the pay-as-you-go model offered by larger companies such as Amazon and Google. They are, however, still offering their managed services. So while you can't just go to RackSpace and purchase t-shirt sized storage, compute, and networking, you can still work closely with them to set up optimized cloud hosting for your company.
Current customers will be able to keep their existing hosted environments, but new customers will not be taken on without some sort of managed service bundle. For more information check out this Forbes article on why RackSpace needed to make this move.