Will OnLive kill consoles?

The console wars might be over a lot sooner than we think. OnLive is a gaming service, going live on June 17, that allows for a PC or Mac user or anyone with just a regular television to play just about any game through the use of a broadband connection. All that is required is a month-to-month fee of $14.95 and the purchase/rental price of each game. The OnLive system would allow for cross-platform playing with your friends, regardless if they're PC or Mac users. If you wish to play on your television, one would have to purchase the MicroConsole TV Adapter and some cables. One doesn't even need a really great high-end laptop with an expensive graphics card to play even the most heavy graphic game. Still not sure OnLive would work? The website states that "As part of the registration process for OnLive, you will be sent a performance test to run to see if your computer and network configuration are sufficient to run OnLive".
This is probably one of the greatest ideas I've ever heard of other than Steam. It gets rid of the need to have specific hardware to play certain games. There would no longer be any console-specific games and the idea of trading in to stores like GameStop would become a memory (and the money would stay in the hands of people who worked so damn hard for it).
It's probably not something I would sign up for, as I prefer having a hard copy of the game gracing my shelves in my collection, but it's certainly a step forward in the right direction of using the great technology that's already developed and getting gamers closer together without the need of buying an entirely different console.