Meh.
I think cloud gaming stinks as it introduces unnecessary latency into your gaming. Also, its not truly portable, at least as far as being able to play your Steam games goes. Since it's cloud, you need to be connected to the same wireless network at your gaming PC in order to stream your Steam games to the thing.
I'm sorry, but if I want to play CSGO or TF2, I'm going to sit down at my PC and play with a mouse and keyboard on my 27" 1440p display. I'm not going to turn my PC on just so I can stream to a 5-inch screen and play with a controller.
It's cool that they're trying to be more innovative and whatnot as far as "handhelds" go, but this will most likely just being a novelty. Also, price is going to play a huge part in this thing. I'd imagine it'll retail for $300-$400. If they cant get it below that, I don't really see it doing too well. I'd rather just buy a Nexus 7 and an OTG>USB cable and plug in an Xbox controller.