This afternoon while I'm at #VelocityConf, I saw this tweet (edited):
“In 2008 avg web page was ~300K, 50 objects. Today 679K & 85 objects < Great answer for...Why you should load test."
When a site is under load, the page size and number of objects is usually not the problem. We solved this delimna 10 years ago, and it's called a content delivery network. Anyone can deliver static content.
The problem is application stability under load. Indeed, the cloud promises this but isn't a solution for good architecture and the hard work designing a system without singular bottlenecks.
The real reason we load test is to determine how well the application scales under a realistic load, modeled correctly. How do you resolve the bottlenecks? Do you understand your system's queuing behavior? These are the real questions that load testing answers.