No thanks, and there is also another con: LAG.
Wide area distributed computing is fine for parallelising huge amounts of calculations on huge amounts of data, but when real time and interactivity isn't needed. But with real time interactive tasks as gaming the lag of even the fastest connection would make the gaming experience awful.
There is an exception, though: MMOGs. In this case many cons can be greatly reduced, the cons of having to pay a service and to be online to play aren't a consequence of cloud, as they are already there anyway, and the pros are instead huge, far vaster worlds could be simulated, while players, after downloading the biggest amounts of data, the game code and the description of the zone where they are, starting the game, would just need to download small subset of the world data at a time and limited communication bandwidth, depending on where they are, where they are moving to and whom they're interacting with. Also, the various zones of the worlds would need to exchange a lot less infos between each other if they are far away.











