Some LCD TVs alone can add 40-60ms of latency, and software can add another couple of frames. Often 30hz frames, too...
Which kind of sucks if you grew up on CRTs and arcade games that often managed much lower latency.
But I guess it means that game streaming really could offer a console-like experience if as much non-network latency as possible was eliminated...
The issue here is how much will ping time add to that when streaming a game. Consoles hover in the 100ms are depending on game. PC's it's highly dependent on video hardware, but I good gaming system, display, and keyboard/mouse will be around 70ms.
The issue of streaming game ping ms in part comes down to human reaction time, which averages around 200ms-250ms. Given this, you want a ping time that doesn't add enough latency to the setup to put you above that 200-250ms reaction time, or you start to perceive more noticeable input lag. Given 70-100ms baseline, you want a bandwidth ping absolutely no more than about 100ms on top of that.
The math squares with my personal experience as well. I've played a few streaming services, and when my ping gets to the 100ms area I start to notice a little difference. It's often sill playable, but if it gets higher it can be very distracting.
This is where NVidia went wrong. They're basically providing that sort of thing, but wanted to present it as their own game service as though all the other storefronts were just backend plumbing. Not a bad consumer experience, but also not what publishers are licensing when they stick their game on Steam.