Okay, so it's not the same box as The Phantom (http://en.wikipedia.org/wiki/The_Phantom_(game_system)) (nor the same people behind it) but the idea is similar and yet -- shudder to think -- it might finally have found its time and place (technology-wise)
early [p]review of OnLive (http://en.wikipedia.org/wiki/OnLive): the streaming console!
http://www.pcworld.com/article/161852/onlive_will_it_beat_xbox_360_ps3_and_wii_at_their_own_game.html
http://www.pcworld.com/article/161852-2/onlive_will_it_beat_xbox_360_ps3_and_wii_at_their_own_game.html
more speculations and/or fawning here...
http://news.cnet.com/8301-10797_3-10202688-235.html
http://pc.ign.com/articles/965/965535p1.html
http://uk.pc.ign.com/articles/965/965535p2.html