PlayStation 4 fans have been treated to the exclusive PlayStation Now open beta for over a month now, being able to access and stream games from the PS3 library straight from the cloud servers. But starting today, the open beta will be available to the much wider audience who own a PlayStation 3 in continental North America and select regions in Canada.
Sony highly recommends that you have a steady broadband connection greater than 5Mbps before trying the PS Now service on PS3.
The selection of over 150 PS Now titles will be integrated into the PS3's PlayStation Store, with God of War: Ascension, inFAMOUS, and (surprisingly) Ultra Street Fighter IV to be available soon. Most titles can be rented for $7/week, but the actual rate will depend on the game.
Due to community feedback, Sony has already reduced the price for 4-hour rentals, though the pricing for a PS Now subscription option, perhaps on top of the existing PS Plus subscription, has yet to be resolved.
I believe that weekly discounted rentals would be an idea that PS fans would get behind, as well as making a few rentals even free for a limited time and making some PS3 titles that we already own (say, five on a monthly basis) available for the streaming service. Right now, it might actually be cheaper to purchase a pre-owned copy of a game than paying the price for a weekly rental.