Cloud-based manufacturing (CBM), also referred to as cloud manufacturing, is a form of decentralized and networked manufacturing evolving from other relevant manufacturing systems such as web- and agent-based manufacturing. An ongoing debate on CBM in the research community revolves around several aspects such as definitions, key characteristics, computing architectures, programming models, file systems, operational processes, information and communication models, and new business models pertaining to CBM. One question, in particular, has often been raised: Is cloud-based manufacturing a new paradigm, or is it just old wine in new bottles? Based on the discussion of the key characteristics of CBM, the derivation of requirements that an ideal CBM system should satisfy, and a thorough comparison between CBM and other relevant manufacturing systems, we provide supporting evidence that allows us to conclude that CBM is definitely a new paradigm that will revolutionize manufacturing.