Personally, I don't think there is a 'black and white' argument for or against IT distributors and telcos working together or competing when it comes to the cloud. Sometimes these organisations may compete, other times they will work together.
As a tech distie, we supply a number of cloud and managed services ourselves (under our ALVEA Services brand) through our reseller channel to the end user. However, we also provide Infrastructure products (such as network security), to allow telcos to build their own service offerings as well as providing a number of service providers with our own ALVEA Managed Services for them to rebrand and incorporate in their own portfolio.
Like with any product or service, some suppliers will be better placed for a particular customer than others. In light of this, I believe there's space for both distributors and telcos in the cloud market.