Gaikai is essentially the PS4's portal or mechanism for PS1-PS3 backwards compatibility. Although BC is no longer an accurate term since that meant hardware or software emulation and on the PS4, it will simply mean you can play any game made available from SCE's back catalog of games from the past 20 years.
That alone, depending upon how large the catalog is, means more to me that the ability to play games that use server side processing to assist in the computational load. We'll see how fast it really becomes relevant, as it could mean an eventual transition to an age where your "console" is nothing more than a terminal that grants access to games and services being processed at a data center filled with servers.
Currently, I'll take games processed on the hardware I have at home over that.
Personally, I'd rather see server side cloud processing being offered by Steam, so I wouldn't have to use up hundreds of GB worth of drive space for all my games (my whole catalog would be measured in TBs) and wouldn't have to keep upgrading my hardware for the best visuals. Unfortunately, that's probably not going to happen given the sheer amount of resources needed to make this work realistically on a functional level.
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