This can be the potential console-killer if this pans out. Started by Steve Perlman (founder of WebTV) and Mike McGarvey (CEO of Eidos), Onlive is looking to revolutionize the gaming platform by streaming high quality on-demand video games regardless of how fast or slow your computer is.

This technology also comes with a wireless controller and a TV adapter so you can stream games to your TV as well. Have a look.

OnLive is expected for a beta launch this Summer. The official launch is set for some time in the Winter of 09. Here’s a general diagram of how this technology will function:

So basically, all you need is a fast internet connection and you’re good to go. I’m sure there will be service fees and game fees to go along with it. But I guess you are saving the price of a console. For more about OnLive, click CNet. Time to upgrade your dial-up.