I don't like this personally. It takes away so much of what I like about PC gaming, like the ability to mod and skin games, the ability to just absolutely kill a game in terms of graphics, and stuff like that.
For people with high end PCs, this is actually a step down. It's nice for people with lower end PCs because they can get most of the effects of the higher end graphics experience, but for people like me with powerful rigs and 1080p monitors, it looks noticeably worse than other games.
Also I don't like the implications of the fact that you can't play any of your games without an internet connection. I see this working better as a monthly subscription or Netflix affair, where you can have X amount of games for X amount of time, like, say, you pay $10 a month and you can play one game, a month at a time. $20 is two games, etc. I just don't like that you pay $50 for a game, full price, and then can't play it if your internet is out.
This is a big step forward for the proverbial Cloud, but there are big aspects of it I'm weary of.
edit: I do like that you can get a free 30 minute free trial for most games. It's a feature I wish Steam had.