That's a lot of heady claims from a service we know so little about. Fortunately, an Israeli tech journalist named Denis Vitchevsky got a chance to check out the service, and came off with an optimistic impression. He says the technology is "somewhat similar to OnLive," and that the demo he witnessed "worked quite well." He claims Playcast has signed agreements with a few publishers, and is promising a huge library at launch. For now, the service is offering PC ports -- but no M rated games just yet, due to a lack of parental control features.
We're trying to get more info on the service, but as you might imagine, it takes a while for emails to zip between here and Israel.