Sony has just announced PlayStation Now a new service similar to OnLive which is based on the lesser known Gaikai which Sony acquired. This service will be a subscription model where games can be rented by title or subscription PSN features like multiplayer, online, trophies and messages.
When you have rented a game you will be able to stream it wherever and whenever you like to various devices such as your smartphone, Vita, tablet and PS4. Also most of the 2014 US models of Sony’s BRAVIA TV lineup will support PS Now.
The announcement of the PlayStation Now service also coincides with the announcement of a cloud based TV streaming service by Sony and presumably both service will use the same infrastructure.