This would even be great if you have your own tower computer/high power computer and have an okay laptop... (even save on paying for EC2, with better ping!)
It's worth pointing out that some titles don't really support home streaming well. For example, some don't capture using game controllers as input well. Others don't pass through sound properly. It's not a perfect solution by any measure.
Splashtop does work with OS X, tablets, and phones, and also works over the internet (with additional latency obviously). I'll give Steam's streaming a shot sometime soon.
A better comparison would be against Steam's own streaming, which I haven't tried.