The idea of streaming games isn't new, I remember when OnLive was all about this. But of course Google has the resources to make this more possible.
It's technically impressive, there is some potential for sure, assuming that enough people has access to that much Internet speed and bandwidth.
Of course, ultimately it comes down to the games, and to start, it seems like it's just going to be Western developers. Maybe I'll be more interested if they get some more Japanese support...