Yes. Or better yet, cloud gaming will make caps fail.
During beta test of OnLine it was using a steady flat 7mbit/sec of bandwidth. 720p videos on YouTube are about at 3.5mbit/sec. Netflix is probably about the same.
I can see it being less bandwidth efficient because with regular videos you can spend as much time as you need to compress videos to the smallest possible size. Where as with realtime games you "should" at most spend only 1 frame compressing. At 60hz/fps that's 16ms time spent compressing an image. Obviously that's not enough time to try many different combinations to get the smallest possible size.
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