OnLive is a cool concept of cloud-gaming and microconsoleing. In essence, you only have the controll and picture at your end. The game, computing power and storage are somewhere on the Internet, a long way from you. It would be fun to try this in practice.
CEO Steve Perlman held a presentation of OnLive at Columbia University. You can watch the video, which I found on Engadget.net, bellow.
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