So basically the same issues as onlive then? I remember thinking that it was pretty good for a while. Then I tried the same game on a decent PC immediately after using the service.
It was night and day, both in terms of latency and graphics quality. I don't have high hopes for this service.
I feel similarly. I've tried in-home streaming from PS4 to a MacBook— obviously the encoding of the video signal isn't going to be as optimized or speedy as Google's backend, but still, the overall ping is sub-10ms and it's still a way worse experience than playing the same game on the TV, even for relatively slow paced action-adventure titles like HZD or RDR2.
I can't imagine trying to play something like a fighting game this way.
It worked great, in my experience. The most awesome thing about it was playing Dirt Rally 3 I believe, on a Motorola Droid/Milestone. A full PC game on a smartphone, pretty mind blowing at the time, and it was quite good even over 3G.
lag is the least of your worries. Encoding artifacts will get to you and completely ruin the experience on anything that is not a simple puzzle game.