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Some of those cons are no different with a console.

Hardware breaks, network goes down on a MP game, want some better feature/game on rival console, must buy that console and games don't cross over, etc... its a lot of the same with the exception of company no longer providing service.

This is the only reason I'd rather see digital download vs pure cloud gaming. At least with digital download, Steam/Origin/etc can simply send out an unlock feature that would no longer utilize their back-end as a worst case scenario.