It's a fail at that price and that feature set IMO.
Not only can it not stream PS+ games independently, it can't stream them even if connected to the PS5 via Wi-Fi. Severely limits its utility and appeal.
If it can be used as an extra controller even when using the TV then it might just be cool to have around just in case.
http://www.youtube.com/watch?v=F1gWECYYOSo
Please Watch/Share this video so it gets shown in Hollywood.