It is a rip-off. You'll be lucky if you break even, and with all the new hashpower coming on line it's likely you won't ever break even. Even "smells like a ponzi" PBMining with their low rate will barely break even after a year, and at that point you'll be earning tiny fractions.

These cloud providers make money off the fact that people either can't or won't do the math. It's the same with rig leasers. If people really want to invest, they're far better off just buying bitcoin and holding it than trying to mine it.