Imagine the Netflix of gaming. It allows you to rent and begin playing games instantaneously (hence, PlayStation Now), while the game is being processed remotely on the Cloud. The natural drawback is there may be some noticeable controller input lag, which will be sub-optimal for really twitch reaction games. If it's anything like PS4 streaming on the Vita, though, it should be absolutely manageable for almost all games.

It will feature first and third party titles across the entire PlayStation catalog, going back to the PS1 days, with hundreds of games supposedly available at launch. All that really remains to be seen is the pricing.