An article by Derek Singleton on the blog for Software Advice talks about five things that he sees makes SaaS unique, including the talent draw of cloud companies, the ability to scale up operations more smoothly, the way cloud software is being purchased and consumed and other reasons.
While Singleton makes a lot of sense - and I do like the folks on Software Advice and think they are generally smart guys - he is missing a few major drawbacks with SaaS that are holding things back for better enterprise adoption.