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I tried it using WiFi on my PS4, connected to a Frontier FIOS 35mbps down/15mbps up connection.  I played "Dynasty Warriors"...I agree, the selection kind of stinks right now...but I chose this game because it's a fast action type of game.  Long story short, it worked PERFECTLY.  I could not tell the difference between playing PS Now and playing a game locally on my PS3!  The graphics were rock solid, and there was no detectable input lag.  The TECHNOLOGY is rock solid...the pricing and game availability, however, needs LOTS of work.

They have stated (officially) that they are "working on" a subscription service, and are "experimenting" with pricing.  IF they offer a good value, I will use the service again...but not until they can show a better value than the rental model they have in place now.