There's one major con that was missed out on; servers themselves
Yes. Running the game severs and providing the bandwidth necessary for low-latency streaming has GOT to be expensive.
The quality of your gaming experience is also going to be dependent on network conditions; so a temporary glitch in your signal may mean your character dies simply because you couldn't react to a threat.
In all, I don't think remote streaming of video games will ever be more than a niche market. It will always be more effective to provide rendering hardware at the client end than to perform all the wizardry necessary to stream games remotely. If nothing else, you will never get past the speed of light delays and the need to buffer the frames before shipping them over the network.
You could make a case that remote rendering can be made cheaper, especially for casual users, but for anyone who's halfway serious about their gaming experience, I don't think that remote rendering will ever replace having a physical piece of hardware in the living room.