Back in March of last year a company by the name of OnLive unveiled their new broadband gaming service, which aims to replace the traditional game console with what's essentially a broadband-connected dumb terminal. Under the system, which has been proposed in various forums for a decade, major title games are streamed over your broadband connection -- for a monthly subscription fee.

Initial demonstrations were on closed networks, and of course everyone wants to see this service in the real world -- where the company admits you'll need to live within 1,000 miles of a data center. For Standard-Definition gaming, OnLive says it needs a 1.5 Mbps connection. For HDTV resolution (720p60), at least 5 Mbps is required.

Those curious in seeing whether the service works will be interested to know that OnLive has issued a press release saying they'll be commercially launching the service on June 17:According to the OnLive FAQ, that $14.95 doesn't include the purchase or rental of actual games, the base subscription fee subsidizing the hardware and giving you access to demos, videos, and community features (think Xbox Live). Users who sign up get a small microconsole that hooks up via HDMI to your set, and via Ethernet to your broadband router. The service features both Bluetooth and USB connections for up to four wireless controllers.

There's a flood of factors that will dictate whether this service will be successful, and most of them are completely outside of OnLive's control. There's still a lot of Americans on connections well below 5 Mbps, and OnLive's only offering HD gaming at launch for some reason. The system also obviously depends on low latency, which could be a fickle mistress for many. This also isn't an idea that will play nice with ISPs who've decided to impose monthly bandwidth caps.

You can expect the initial launch to feel very much like a beta as the company struggles with real-world Internet weather and last mile limitations. While funded in part by companies like AT&T, OnLive's also gunning against some heavy hitters in the gaming industry, including Sony, Microsoft and Nintendo. Broadband streaming is likely an inevitable future, but OnLive may suffer from being ahead of its time. Stay tuned.