Can someone sum it up for me, I dont have 50 minutes spare.

Basically it's a digital service like Steam, except every month you pay to play to use it, you then buy your games through it but it doesn't download or install them at all, you just buy and play straight away because the games are stored on a huge server known as a "cloud" and you play the game through the internet so no waiting, downloading, it solves piracy aswell, it can be used on basically any computer, I would assume you need at least some decent specs on your PC but other than that you can get a pretty cheap mid-range PC and play Crysis on full settings without the lag, they have 2 versions, one is a PC/Mac version where you have a little USB you just plug in, the other is the "console" version which is exactly the same but you get a small little box where you plug your ethernet in, USB based controller, blue tooth headset etc. both are exactly the same, run the same games and I assume when you plan vs. it's cross platform.
I can't help but think it's nothing more than visionary. I was let down with Natal and don't say this isn't Microsoft because I know that. The speaker does elaborate everything - I don't know a 20gb game. Crysis could and has been proven to run graphically fantastic on a 360 (Youtube it).
It's a great concept but at this stage, for me at least, that is all it is.
I watched it all and it was pretty interesting.
I don't really like the idea though to be honest seems abit too futuristic.
Felt sorry for the guy at the end when none of the people asking questions could speak clear english haha.
Play ANY game, without downloading, without lag - in FULL Graphics?
I thought it LOOKED great, but when it rolls out for retail, I think they are going to have issues.
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