Has any of the cloud gaming services been a success? To me the idea is rife with issues. You need a super reliable and a fast internet connection. Games are something where ms count. Any latency can destroy the experience. Here you're talking about streaming 60 frames per second with no lag. It might work, but I would be pretty annoyed if I can't play games because my internet is broken or laggy. Also, data caps.
I think MightyApp[1] is destined to the same fate. You'll end up spending far more over the long run for arguably a much shitty experience. Buying Hardware is an easy bargain, especially as it gets faster and cheaper.