Origin on Demand
Play hit titles like Spore on your phone, computer, and microwave.
Pretty much. Also COD LIVE™ or somesuch, although that's probably the worst type of game for streaming.
There are a couple of bright spots with streaming. Gameplay of TBS games, certain types of RPGs, certain puzzle games, etc, won't really be affected at all by the lag streaming introduces. So there's that. Companies will be more keen to having a large library available, so there's that.
It'll get better as time goes on. As I've written before, a year or so ago we did an Onlive thing for The Cruncheons, and everyone generally had a pretty shitty experience with it. A few months ago, though, Time Warner boosted up the speeds in my area, and I gave Onlive another shot during their "$1 for any single game" Facebook promo. I bought Red Faction: Armageddon just to see if the speed boost made a difference, and it did. Not optimal, there was still a bit of pixelation and the lag was still noticeable, but it was playable, whereas before any game requiring quick action had been pretty much unplayable for me. I don't think anyone will ever really perfect it (too many variables), but it may hit a point where performance becomes acceptable, particularly if games are tweaked to compensate for lag (sort of like analog stick aiming has been tweaked over the years).
I don't care for it much, but I don't outright hate it.