I'd love this, actually. My geek fantasy is to be able to run my gaming rig in a VM on a server with a high end GPU which is located in the basement. On my desk in the living room would be a silent, tiny thin client. Additionally, I would have a laptop thin client that I could take out onto the patio.
On a larger scale, think Steam but with the game running on a server in a datacenter somewhere which would eliminate the need for hardware on the user end.