So ... they claim to be able to deliver high-frame-rate, high-definition games over consumer internet connections by using proprietary compression systems, but it's independent of the ability of the user's computer to decompress the stream in real time and independent of its power to render the video?
.... RIGHT. I'll believe that when I see it. "I love the smell of vaporware in the morning."
Interest you in a nice historic bridge? It's going cheap this week....
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Some of the press you quoted is hyperbole (i.e. no, your 486 won't be playing OnLive) but no computer you would have bought in the last few years is likely to be problematic. Once 1080p is delivered, the requirements shouldn't increase anymore until the next major TV resolution increase.
I spoke further to a guy I know who used to work at OnLive, and he did also mention that the video compression was noticeable. You also need a 5Mbps+ net connection. So it's not going to be magic snake oil or anything, and actually does have some downsides and minimum requirements. The question is whether it'll be Good Enough.
I signed up for the pre-reg, and (assuming I make it in, but I generally expect I will) will let you know my impressions.
I'm somewhat more excited about Steam/Source Engine on Mac getting announced, but all in all, it's going to be a good year for Mac gaming!