Playcast hoping to beat OnLive to the game streaming punch

We're still not comfortable with the magical technoworkings that apparently allow OnLive to summon games from the ether -- to think that other companies have the engineering prowess to pull it off is terrifying. According to a recent press release, a startup company named Playcast Media has teamed up with an Israeli cable network called Hot to stream "PlayStation 3 and Xbox 360 quality games," straight to Israel's set-top cable boxes. The service is in beta now -- in Q1 2010, it'll rollout over all of Israel. It's expected to hit "major markets" in the US, Asia and Europe later that year.

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.