It doesn't take much looking around to realize that the term "managed hosting" is being diluted and perhaps even abused by some web hosts.

Rather than posting here about my thoughts on the definition (if you host with ORCS Web then you're already familiar with the hosting experience we consider "managed hosting") - I'm hoping to solicit some feedback from readers (you) on what is envisioned when the term "managed hosting" is heard.

What things come to mind? What are some core basics you think should be part of any "managed" solution? Also, what would be your ideal managed solution if you could draft it out yourself?