If this technology became standard there wouldn´t be a need for XBOX or PS consoles. The software developers could deliver games without caring for the platform, actually they could provide it themselves.
Software developers won't be deploying cloud networks in strategically placed facillities any time soon. The cost to get workable technology and then deploy it on a scale that hits critical mass (high availability in man markets) is going to be in the billions in terms of start up and operating costs. Someone, somewhere needs to (a) pay for the hardware and (b) connect software with people. As for not caring for platform the software needs to be designed with some form of hardware in mind. Even if it is ubiquitous PCs they will need to taget performance envolopes, write compatible code, take into consideration hardware limitations (or hardware budgets). Further, companies like Valve and MS who have large established online networks are going to manage and cultivate those customer relationships. They aren't going to give that away for "free" and will be an edge/compelling selling point in terms of reach.
At some point a model similar to this will be viable, at least for some games. What type of model and marketshare works out and how it changes the market is unknown. But the first round or two of cloud based gaming services that stream gameplay from high end servers won't be pushed out by developers and none of the publishers, sans maybe Blizzard-Activision and Valve, have established online presences to really even dream about going it alone at this point. Now a conglomeration of publishers who wish to bypass both retailers and console manufacturers...