Build a cloud image in rawhide with cloud-init version cloud-init-0.7.5-1.fc21.noarch
Boot the image in a cloud and you get the following console log: 

  [    5.576502] cloud-init[286]: File "/usr/bin/cloud-init", line 46, in <module>
[    5.578189] cloud-init[286]: from cloudinit import stages
[    5.580767] cloud-init[286]: File "/usr/lib/python2.7/site-packages/cloudinit/stages.py", line 35, in <module>
[    5.583717] cloud-init[286]: from cloudinit.handlers import cloud_config as cc_part
[    5.589098] cloud-init[286]: File "/usr/lib/python2.7/site-packages/cloudinit/handlers/cloud_config.py", line 23, in <module>
[    5.596878] cloud-init[286]: import jsonpatch
[    5.598337] cloud-init[286]: ImportError: No module named jsonpatch
[[1;31mFAILED[0m] Failed to start Initial cloud-init job (pre-networking).
See 'systemctl status cloud-init-local.service' for details.
[[1;33mDEPEND[0m] Dependency failed for Cloud-config availability.
[[1;33mDEPEND[0m] Dependency failed for Apply the settings specified in cloud-config.
[[1;33mDEPEND[0m] Dependency failed for Execute cloud user/final scripts.
         Starting Initial cloud-init job (metadata service crawler)...
[    6.028598] cloud-init[439]: Traceback (most recent call last):
[    6.030533] cloud-init[439]: File "/usr/bin/cloud-init", line 46, in <module>
[    6.032292] cloud-init[439]: from cloudinit import stages
[    6.034122] cloud-init[439]: File "/usr/lib/python2.7/site-packages/cloudinit/stages.py", line 35, in <module>
[    6.041070] cloud-init[439]: from cloudinit.handlers import cloud_config as cc_part
[    6.042729] cloud-init[439]: File "/usr/lib/python2.7/site-packages/cloudinit/handlers/cloud_config.py", line 23, in <module>
[    6.044670] cloud-init[439]: import jsonpatch
[    6.047118] cloud-init[439]: ImportError: No module named jsonpatch
[[1;31mFAILED[0m] Failed to start Initial cloud-init job (metadata service crawler).
See 'systemctl status cloud-init.service' for details.
[[1;31mFAILED[0m] Failed to start LSB: Bring up/down networking.
See 'systemctl status network.service' for details.
[[32m  OK  [0m] Reached target Multi-User System.
         Starting Update UTMP about System Runlevel Changes...
[[32m  OK  [0m] Reached target Network is Online.
[[32m  OK  [0m] Started Update UTMP about System Runlevel Changes.


Fedora release 21 (Rawhide)
Kernel 3.15.0-0.rc7.git2.1.fc21.x86_64 on an x86_64 (ttyS0)

localhost login: [    8.170150] systemd-udevd (274) used greatest stack depth: 3056 bytes left

The instance doesn't get an ip or networking or hostname or anything else cloud-init provides. ;)