I'm immune to losing my games.
There is no problem with space on PS4 as I just need an extra external drive.
On PS3 where I can't do that, there are basically no games that need big patches, even if I somehow deleted the patches I already have I still could play those games without big problems.
Always online games as MMOs are mostly faded to that by default, that is not a problem, that's their model, also, I still have to play a MMO on my consoles, so that can't affect me.
As long as games come on in people possession there is always a way to make a copy to something you already have to keep that game safe from sudden loses/equippment failures (as carts, discs or drives), and as long as I possess a game I can keep such copies.
Streaming is completely dependant on who you are getting it from, if he can't or don't want to keep it up anymore everything can simply get wasted forever.
Streaming is a nice option, specially to smaller games, it can do wonders for them, but it's a terrible singular media.
If streaming only is the future of gaming, gaming is dead.
If it keep physical/download only (no mandatory connection)? It can last forever.
Ownership is always better in my hand than into someone's else, that's my take on it, and as long as I can I'll not want it to get taken away from me.
And I already have a whole lot they simply can't.
I agree physical ownership is the best choice. Generally speaking ive only purchased digital copies of physical games I already own. I just happen to own a ton of games which is why my PS3 is overloaded.
Anyway, streaming is the future just not the whole future. I see consoles, steam, apple game apps, android game apps, streaming, etc. All being a part of the giant game industry for long into the future.